GME Bearish Flag forming
Let the trolls begin lol.
To be real the volume has completely dried up since Jan on this stock. It makes sense since its trading at 200+ dollars and trading as high as some really good stocks like SQ and FDX. Others went on to other meme stocks that are much cheaper to trade. The average guy can no longer afford to buy up here and possibly lose his/her money due to the insane volatility. My guess is the only people pumping this stock up here are whales that still make alot money off of this and the average retail traders who are completely in love with this stock. I get it.
As far as the chart goes, I currently see an oversold situation in the hourly chart which creates the E part of the corrective wave (230ish) then finally come falling back to (153ish) in the .618 fib retracement which only makes sense as its also a trendline support. Stocks or Stonks, it finds a way to retrace back like the January high then a fib retracement of 1 due to the magnitude of the climb. I wouldn't be surprise further down the line it replicates the move up from Feb but in the opposite direction and finally settling back around 66ish area.
Dont hate the chartists, everyone is entitled to an opinion or you're just a pig.
To be real the volume has completely dried up since Jan on this stock. It makes sense since its trading at 200+ dollars and trading as high as some really good stocks like SQ and FDX. Others went on to other meme stocks that are much cheaper to trade. The average guy can no longer afford to buy up here and possibly lose his/her money due to the insane volatility. My guess is the only people pumping this stock up here are whales that still make alot money off of this and the average retail traders who are completely in love with this stock. I get it.
As far as the chart goes, I currently see an oversold situation in the hourly chart which creates the E part of the corrective wave (230ish) then finally come falling back to (153ish) in the .618 fib retracement which only makes sense as its also a trendline support. Stocks or Stonks, it finds a way to retrace back like the January high then a fib retracement of 1 due to the magnitude of the climb. I wouldn't be surprise further down the line it replicates the move up from Feb but in the opposite direction and finally settling back around 66ish area.
Dont hate the chartists, everyone is entitled to an opinion or you're just a pig.
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