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.
To stay updated on GameStop’s price action, technical analysis, and Elliott Wave progress, make sure to join our free Telegram community for daily insights and chart updates.
Additionally, exercise caution, as we foresee a potential pullback in the S&P 500, which may impact GameStop’s trajectory.
Join Vital Direction to stay updated with our comprehensive market analyses and insights as we navigate these exciting developments in the financial markets.
Discover more from Vital Direction
Subscribe to get the latest posts sent to your email.