I think all magnitude is worked out. Hate to call it, but, it is time. See you all on the moon.
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Just hit wave 5 of 1 extensions, log on or off, and MIGHT get a retrace back to under 11. MAYBE. Closed <5% of my position, and will restrike strike strike on retrace.
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BUT, not on negative divergence. This may be middle of the wave. A breach of 11.91(log 12) will confirm we are not retracing from here. LETS GOOOOO
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Upside breach. As far as I can tell, the sky is the limit. I won't comment any further.
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We have crossed up past the first lesser (B), which bodes well for continuation to the upside. I also see, and even w adjustments I have made in my chart, we have crossed the Intermediate (1) line (gold line) and this too is a good sign, imo. This is expected, and has been predicted by so many. for so long, BUT It is all in the candles, so tell that to anyone who wants to talk to you about muh FuNdAmEnTaLs. It is really just a guess to try and count magnitude UP at this point, so I will continue to observe and cherish the 500 I bought at the bottom. Best to ALL, Cuz
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I think we are getting a deeper correction, here, could be wrong, but I liquidated 80%. More to the story, but even still, would not have done had I not seen what looks like an obvious A down, B up, with a C-wave down to follow. WILL RESTRIKE. Not a rec, at all, just being real. Still got 100
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Ok, so looks like we are getting the first wave 5, based on a count that calls this wave 3 of 5, and we got a higher low on MACD. This is the indication that this should be wave 5, the negative divergence, and I call it 3 of 5 because it is stronger than the last high reading. What I look for here is a move up short of 20, when the wave 2 would ideally start and for MACD to not go higher than today's reading for continued Negative Divergence. I am flat, at this point, so will be observing until I see a good entry to restrike. BIG PICTURE, this move confirms my count, imo, bc it is a true wave 5 and happening on negative divergence. Buckly up!
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If anyone would be so kind as to tell me how to add pictures in idea updates, I would be obliged so to do here on this post.
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18.74 pre market...Looking for 18.78 min for off log 618 extension fib. log on fibs are higher, and could hit over 20...Looking forward to watching, but I am thinking still in line with broader market, at this point, where a morning spike across the board could get us into the box. Not looking for a deep 2, but will be scaling in probably with my last sell, first...lol
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Logarithmic it is...if not, log-off would suggest we continue on til morning. I never use log, typically, but who knows...We do have this high on negative divergence, so wave (5) is indicated.
Thanks, @apb270, but still having trouble keeps posting some other picture of my Gold idea...idk. Will keep tinkering with it.
Thanks, @apb270, but still having trouble keeps posting some other picture of my Gold idea...idk. Will keep tinkering with it.
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The above up count is basically invalidated and may have been DOA based on a breach of the 2.618 prior to 5th wave divergence. With the overnight action, I am back to "getting a count at this point is just guessing." I am actually more inclined to call this an ABC structure with an Ending Diagonal completing as I write, presumably into the open. With one more high, the waters would be even muddier, mainly because after the deep retrace from earlier last week, all price action has been overlapping, and appears to be a series of 3 wave moves. If price does move higher, past the 1.618, I would expect continuation, and look for a clear impulse line that does not overlap, but like I said, I am out of viable Elliot Wave counts, MAINLY, BC THERE IS NO ORDINANCE TO EXTENSIONS, which should abide during an impulsive move. I am not yet saying the bottom call is invalidated, but I am at this point unable to validate the nature of this move as impulsive to the upside. I will note, my initial target was around 6.95, and was expected closer to now, than then...I will update if clarity develops in the price action.
Best to All.
Best to All.
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Well, cannot argue with that. Clearly, this guy is impulsive, and we got a nice, nice wave 3 up the middle. Still unsure exactly what is the main 1-2, but I am looking for some type of pause btw 41.75 & 44 to acknowledge the 2.618. Good job, ladies and gents, great day to all! 5/13/24
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If log scale...could go to 112. Whew-eee
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27.30 is the 1.0 approximately, so we should move up from here to complete wave 5, and if these fibs are working, 2.618 at 44.09 should not be breached prior to 3 wave retrace.
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Appears our 1.0 region is holding, so now we want to see a move up into the 44 region on less strength, meaning the stochastic does not exceed its last peak...higher high, less strength, and that is the signal that wave ((i)) is complete. After that, looking for 3 waves down for wave ((ii)).
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It seems slow, but even in the 15 mn chart these are obvious 5 wave moves. I jumped back in bc I think we get there.
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All magnitude is present...had to get into the 30 second chart to confirm, but our impulse line is btw 26.75 & 26.77 @ 26.76...today's Minuette (iv) low was 27.34. I believe we get a contracting Ending Diagonal to finish Minute (i), possibly into Wednesday. The proof, labeled down to Micro.
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Made the initial call based on rules, but this move is too "unruly" for this theorist. Yet another breach where it need not be. Nice little gap, too needs refilling (that's my gap:). MACD still ripping after 5 clear waves...not clean, I said "clear." Prechter says that B waves are notorious imposters. I can still make no conclusion about the up move, but its unruliness suggests it is an imposter., and then again, this post was really about calling a bottom, even if only short lived due to unconsidered magnitude. Flat, again. Still a positive week for us all, and, hey, upshot is, maybe you get to hit 'em TWICE!
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This move did 2 things: (1) validated the corrective count from near the top of the correction from Minute Magnitude down through Miniscule; (2) Invalidated the count of Minor and Intermediate degree, indicating that the asset is moving well into its Cycle degree. I am working on the chart and have taken the smaller magnitude out and will be working with Minute and above for the duration of this count, which means it may weeks or months before anything of significance occurs to warrant updates. I want to observe whaether GME holds this level and whether we get some sort of Minute ((c)) wave, perhaps an Ending Diagonal up into the $100 region through June. Ultimately, I believe we must go back down for one more low, and ever since right after the Intermediate (1)-(2) from 2021, folks who were doing this before I even knew it was a thing were calling for $25...Post split, that is about $6.25. I like $7.95, and for you fundamentalists...that is because the company has certainly gained value on the market over the past few years, even if just its intangible Intellectual Property value. With that, I will wrap with these, my newly adopted count, including a cycle wave now in the picture and a prediction for the next move. Best to ALL, -Cuz
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Still tinkering with log v logoff...But this is what I am seeing. The $20 level looks solid with 1.0 A/C corrective extension around 20.50 & .618 wave v of (c) extension around 20.22 with confluence with log off...however, that scale puts a bottom 1.618 A/C fib at like -6.61...SO, LOG ON is in the picture...no confluence but it seems obvious the market is playing with them. IMO, this is a beautiful 3 wave corrective, and while I am counting as a ((b)) wave for the reasons stated above, it would work just as well as a wave 2. That 17 level is what I am really looking for to restrike with a small position, but who knows. MACD is supportive of this analysis and should not go lower than the A wave low on this chart if we are going to reverse up in a ((c)) wave. AGAIN, logoff confluence at $20 and change, not pictured here.
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Not trying to overdo it on the updates, so this is just for fun...call it a "thought experiment," as my mentor would say.
Something tells me that we might leave that bottom gap open, for later, and we might kick around in this area for a few weeks, call it consolidation, before we move back up in the Minute ((c)). Triangulating, sort of, I ran some fibs based on this above assumption and the assumption that we should subdivide in this b-wave, as price has already begun to do. Thing about these moves, in my understanding and belief, is that nothing can stop what is coming, best we can do is try and predict it.
Not trying to overdo it on the updates, so this is just for fun...call it a "thought experiment," as my mentor would say.
Something tells me that we might leave that bottom gap open, for later, and we might kick around in this area for a few weeks, call it consolidation, before we move back up in the Minute ((c)). Triangulating, sort of, I ran some fibs based on this above assumption and the assumption that we should subdivide in this b-wave, as price has already begun to do. Thing about these moves, in my understanding and belief, is that nothing can stop what is coming, best we can do is try and predict it.