22nd October 2024:
At Vital Direction, we have meticulously analysed the GameStop (GME) stock, famously known for its historic short squeeze, and we believe a significant opportunity is on the horizon. Following the extraordinary rally, GameStop has undergone a prolonged and complex corrective phase, which we now interpret as nearing its conclusion.
From the recent low of approximately $8, GameStop staged an impressive rally to around $65. Since then, the stock has entered a tricky consolidation phase. However, based on our advanced Elliott Wave analysis, we identify this corrective phase as a WXY pattern. The first wave, W, unfolded as a zigzag, followed by the X wave, also a zigzag, and we now see Wave Y progressing in the form of an ABCDE triangle.
At Vital Direction, we believe the Y wave is on the verge of completion, with Wave C of the final Wave E expected to bottom out imminently—potentially by this Friday. Once this corrective structure concludes, we foresee GameStop rebounding dramatically, with the potential to soar to new all-time highs. This could represent an unparalleled growth opportunity, with substantial upside gains for those who position themselves accordingly.
GameStop: Vital Direction’s Bottom Call Confirmed! Wave 3 Next?
Since our last analysis of GameStop (GME), we projected a bottom around $20.50 per share, followed by a significant upward move. This movement did occur, with the stock reaching approximately $24.50 before entering a corrective phase. Here at Vital Direction, we interpret this initial rise as Wave 1 of a new impulsive sequence, with the current correction likely representing Wave 2. We expect GameStop to complete this correction soon and potentially rally into Wave 3, which could target a new all-time high.
To manage risk, we recommend a stop-loss at $20.54; if GameStop reaches this level, it may indicate further downside potential. However, if it remains above this mark, we anticipate continued upward movement.
At Vital Direction, we have meticulously analysed the GameStop (GME) stock, famously known for its historic short squeeze, and we believe a significant opportunity is on the horizon. Following the extraordinary rally, GameStop has undergone a prolonged and complex corrective phase, which we now interpret as nearing its conclusion.
From the recent low of approximately $8, GameStop staged an impressive rally to around $65. Since then, the stock has entered a tricky consolidation phase. However, based on our advanced Elliott Wave analysis, we identify this corrective phase as a WXY pattern. The first wave, W, unfolded as a zigzag, followed by the X wave, also a zigzag, and we now see Wave Y progressing in the form of an ABCDE triangle.
At Vital Direction, we believe the Y wave is on the verge of completion, with Wave C of the final Wave E expected to bottom out imminently—potentially by this Friday. Once this corrective structure concludes, we foresee GameStop rebounding dramatically, with the potential to soar to new all-time highs. This could represent an unparalleled growth opportunity, with substantial upside gains for those who position themselves accordingly.
GameStop: Vital Direction’s Bottom Call Confirmed! Wave 3 Next?
Since our last analysis of GameStop (GME), we projected a bottom around $20.50 per share, followed by a significant upward move. This movement did occur, with the stock reaching approximately $24.50 before entering a corrective phase. Here at Vital Direction, we interpret this initial rise as Wave 1 of a new impulsive sequence, with the current correction likely representing Wave 2. We expect GameStop to complete this correction soon and potentially rally into Wave 3, which could target a new all-time high.
To manage risk, we recommend a stop-loss at $20.54; if GameStop reaches this level, it may indicate further downside potential. However, if it remains above this mark, we anticipate continued upward movement.
Vital Direction
Read the full article on our website: vitaldirection.co.uk/analysis/
Join our FREE Telegram community (2k members): t.me/vitaldirectiongroup
Read the full article on our website: vitaldirection.co.uk/analysis/
Join our FREE Telegram community (2k members): t.me/vitaldirectiongroup
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Vital Direction
Read the full article on our website: vitaldirection.co.uk/analysis/
Join our FREE Telegram community (2k members): t.me/vitaldirectiongroup
Read the full article on our website: vitaldirection.co.uk/analysis/
Join our FREE Telegram community (2k members): t.me/vitaldirectiongroup
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.