Elliot Waves and GME, Why I'm Jacked To Infinity With Today's 82 Point Drop 🚀
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| Author       | Source       | 
| :-------------: |:-------------:|
|  [u/possibly6](https://www.reddit.com/user/possibly6/) | [Reddit](https://www.reddit.com/r/Superstonk/comments/nwyj77/elliot_waves_and_gme_why_im_jacked_to_infinity/) | 

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[DD 👨‍🔬](https://www.reddit.com/r/Superstonk/search?q=flair_name%3A%22DD%20%F0%9F%91%A8%E2%80%8D%F0%9F%94%AC%22&restrict_sr=1)

Sup apes,

hooooollllyyyy fuck what a day

Lower your pitchforks please, I know we broke below the "impossible" 219. First of all, this isn't financial advice, I'm quite literally retarded and use crayons to predict where a stock will go.

Here's yesterday's prediction if you missed it: <https://www.reddit.com/r/Superstonk/comments/nw84nw/elliot_waves_and_gme_why_tomorrow_should_be/>

Buckle up, this isn't gonna be short, I'm going super in depth for you guys cause I've never been more jacked...

I'm not gonna lie, the drop caught me off guard a bit, but its because I wasn't looking big enough... Here's a view of my previous charting, where you can visualize the "cycle" waves with the white lines (SS from yesterday as I already drew new waves):

[previous wave cycle deemed invalid](https://preview.redd.it/nu57b3620i471.png?width=2130&format=png&auto=webp&s=b2d4faafbe982b59a78faca5802787a3dfc3abe9)

![image](https://user-images.githubusercontent.com/82035192/121690549-fdae6480-ca93-11eb-8ec2-88d98c26f0d3.png)

So why am I excited? Originally I was looking at the previous movements as cycle movements, where i thought the move from our low on 3/24 (last earnings) was a 5 wave CYCLE, but todays price action showed be that that whole move to 344 was actually just a wave 1 within that cycle, and today was wave 2..... completed...

wave 3 is the longest and most explosive wave of the 5, and were about to fucking start it...

So how do we verify all of this? First of all, really quick, here are basic EW rules (just inserting a screenshot from wikipedia cause It's way better than my explanation)

[RULES](https://preview.redd.it/yxm65lyh0i471.png?width=2222&format=png&auto=webp&s=884987dc185e8d149c5a10e5af5cccff290c7b8d)

![image](https://user-images.githubusercontent.com/82035192/121690584-0737cc80-ca94-11eb-89a2-66955bf3a985.png)

I want you to look at wave 4 specifically, as this is why I am redrawing. notice how 4 can't retrace into the territory of 1? Well the top of my previous 1 was at 218.93, which is why I said it should theoretically be impossible to break below this. HOWEVER, since we did indeed break below (hit a low of 211), this invalidates that wave structure, forcing me to tHiNk OuTsIdE tHe bOx here...

Just so you know, the price targets I outlined (to the upside at least) are invalid now, as I had to redraw the cycle set. that being said, the new price targets to the upside are so fucking juicy you might just kiss me...


Also, I'm gonna be referencing the rules of the waves pretty frequently in this post, so feel free to reference the rules above^


Try not to get too jacked, this is just the 3rd cycle wave illustrated, just take a look...

[you done fucked up kenny g](https://preview.redd.it/79c7helw0i471.png?width=2790&format=png&auto=webp&s=c45f3505b373416fd1992e055b4997f8bfcab086)

![image](https://user-images.githubusercontent.com/82035192/121690626-1454bb80-ca94-11eb-877a-94b22d57b4ae.png)

I believe that Gamestop did indeed start their 5m share offering today, or at least some of it, but im not gonna speculate on that, I'm just the waves guy. So how can we confirm that today was a cycle 2? Let's take a look...

Remember how wave 2 targets 61.8% of the entire wave 1 right? Here are the fib targets from the bottom to the top of my newly drawn cycle 1:

[for reference, the 61.8 level here is 213.24](https://preview.redd.it/417c93wi2i471.png?width=2794&format=png&auto=webp&s=48a2bb785c13520bf97359d8dd7684b8f97d7d33)

![image](https://user-images.githubusercontent.com/82035192/121690655-1f0f5080-ca94-11eb-864f-1559bd0634e8.png)

BAM!!! WAVE 2 CONFIRMED! Now refer back to EW rules, or if you're a good ape and did your homework, you already know that wave 3 can't be the shortest wave, and often is the longest and most powerful of the 5 wave impulse...

So, assuming that 213 is the bottom of our cycle 2 (pretty confident in this, possible we retrace to 177.51 but super fucking unlikely imo, given the nature of the bounce at 213)

Okay, so wave 3 can't be the shortest, what happens if it doesn't hit the 1.618:1 target? (in this case it is 586.1)

It has to hit, at the minimum 1:1 of wave 1. If it doesn't reach this target, the wave is not finished. This means at the very minimum, this cycle 3 should target 442.83.

[100, 123.6, and 161.8 are initial targets, could go even higher depending on wtf happens](https://preview.redd.it/t86shmnn6i471.png?width=654&format=png&auto=webp&s=13ad3017df11e41b39a1ad5084140e4e8766f0a1)

![image](https://user-images.githubusercontent.com/82035192/121690707-2b93a900-ca94-11eb-90d4-28952a002736.png)


Do note though, these are CYCLE targets, I am in no way saying that we will see 442 or 586 tomorrow, BUT these are the bigger targets to watch for as of now. To give more precise targets for the waves within this cycle (intermediate, minor etc) I will need for at least an intermediate "1" to complete, so likely by tomorrow I'll be able to pinpoint more precise intraday/daily/weekly targets for your viewing (and buying) pleasure.

disregarding EW, another reason why I'm excited about today's drop is a GAP UP from 6/1. If you've been following me for a while, I always point out gaps, and their significance. You can visualize the gap below by the green box.

[GAP](https://preview.redd.it/bb0kpyqw3i471.png?width=2794&format=png&auto=webp&s=b7367e92992e4f1dbad19092a6f1fe92de6ddd77)

![image](https://user-images.githubusercontent.com/82035192/121690720-32222080-ca94-11eb-99cf-19f36ade0766.png)


If you've been following me since march, this is how I was able to predict the 350 to 180 drop, but that was before I knew EW theory. now that this gap is filled (we have one on the daily chart as well that was also filled today, doesn't matter as much as that "gap" only appears on the daily, meaning the price action filled the areas in the after hours/pre market. We can determine this by looking on a 4hr chart. You can compare the daily and the 4hr below:


[daily](https://preview.redd.it/q2bt447d4i471.png?width=2752&format=png&auto=webp&s=805569daf92319355a1190fba0504fe6cda49a3a)

![image](https://user-images.githubusercontent.com/82035192/121690748-39e1c500-ca94-11eb-9f74-e3db58ef9cbf.png)


[4hr](https://preview.redd.it/dwdne3qe4i471.png?width=2800&format=png&auto=webp&s=5eda9a0e497aba537505f5decc7df9d34cba5bba)

![image](https://user-images.githubusercontent.com/82035192/121690762-3ea67900-ca94-11eb-92dc-51ecc98f3e11.png)


See the difference?

Anyways, not too significant, just worth noting. In any scenario, a gap fill is a great indicator to switch direction and play the reversal.

alright, you should be jacked now. Not only do we (appear) to have confirmation of cycle wave 2 completion (61.8% of wave 1), but this newly drawn cycle fits into my super cycle target a lotttttt better...

for reference, my super cycle is visualized by the yellow lines. Given that this is the beginning of our 3, the price targets seem to line up a lot better with the original super cycle drawing... If anything, the super cycle wave 3 will finish even higher than initially predicted:

[jacked to da max](https://preview.redd.it/9xbm9nb35i471.png?width=2674&format=png&auto=webp&s=a07e92c36d8cd41568a81da81df48613946ee1b7)

![image](https://user-images.githubusercontent.com/82035192/121690784-49610e00-ca94-11eb-92d1-176074519c24.png)


I dont even really trade technical patterns anymore, but I couldn't ignore this beautiful cup and handle forming...

[checks out](https://preview.redd.it/hejg8rxc5i471.png?width=640&format=png&auto=webp&s=5bed0a39da33eb7aac0d330d6befd921b757e3cd)

![image](https://user-images.githubusercontent.com/82035192/121690818-5251df80-ca94-11eb-9473-e91f43808cb7.png)


This lines up with the wave 2 bottom, cup and handle patterns are very bullish, bias confirmed.

If you want me to update this post tomorrow in real time let me know, I had fun nonetheless, it was cool adapting in real time and reconstructing an analysis. I feel super privileged to be learning this theory on such an erratic situation, and to all the haters, you can't argue with human nature. This shit works.

Oki I think I'm done. Thanks for trusting me and giving me a platform to try and spread a skill I've been trying to put into action. I'm no expert by any means, to be completely honest I've only been studying this theory for about 3 months, and am nowhere near an expert.

TLDR: 213 looks like the very bottom, hard to deny that today was a cycle wave 2. It was rough to watch, but when you take a step back and look at where we are, it's really hard not to be bullish. I have trader friends that absolutely hate GME and have zero faith in it, even they said they're buying today...Buckle up my friends, we all know what happened after the last earnings call... to be completely honest, if price action is as similar to march 25 (which mind you was also the bottom of a "2") tomorrow should be face ripping 🚀

BUY AND HODL!!! I emptied the rest of my ammo in at 238 today and couldn't be more jacked!

Edit: holy shit I made the front page of all of Reddit... thank you all so much for the love ❤️❤️ to the fucking moon 🚀

Edit 2: great comment by [u/ricecooker8055BH](https://www.reddit.com/u/ricecooker8055BH/)

"((1)) Apr13 low 132=>((2))=>((3))=>((4))=>((5)) Jun8 hi 344 ==> MINUTE ((i))

The drop from Jun8 hi 344 to Jun10 low 211 ==> MINUTE ((i))

The next wave MINUTE ((iii)) is considerably/extremely bullish.

Why?

Elliottician dream is to identify this wave known as THIRD OF THIRD IMPULSIVE RALLY (within MINOR WAVE 3). This is the DEADLY TSUNAMI WAVE that hit Sumatra, Indonesia; Phuket, Thailand in 2004 and Fukushima, Japan 2011. You don't want to go against this KILLER WAVE.

There will be a lot of ARCHEGOS body bag when this unfold. Really? Based on DD we read, and with the measured objective 555/766/978, I don't know how many HF can survive it if MARGIE CALLING.

What's gonna trigger it? Probably SEC, DTC I don't know.

I know it's confusing...LONG STORY SHORT...this is fking BUUUUULLISH! BUY&HOLD 💎🙌🏻🦍💪🏻

🚀🚀🚀🚀🚀🚀🚀🚀🚀"
