Potential Upronner Trap

25 gen 2021

GME's strong downron from 160 indicates that upronner sentiment is wavering. This chart estimates potential highs for the next period of upward pressure using a fib retracement. As in the 2 hour chart the white energy looks to be closing before the Red RSI in the 4 hour falls below fifty, it seems that upward pressure will continue for a bit, but if it fails to retake the previous high (160$) a large downron is likely imminent, although even closing slightly above the previous high could still result in a downron. These points are likely invalidated and position should be reevaluated if there is a close above 160$, however this seems unlikely. The reason this post is labeled as "neutral" is that a short-term long play could be made on the potential upronner trap.

Translations for philistines:
Upronnish = "Bullish" or long
Downronnish = "Bearish" or short

1 feb 2021

Nota

I have been defeated by the reddit army... oh well!