It’s official, GME is gonna be breaking out of a 26 month pattern. The pattern is quite literally setup on quarterly scale chart. Ever seen that before? I have not.
$GameStop(GME.US$ here is the 1 Quarter chart (3 months each candle)
here is the recent 1 day scale chsrt proving the pattern breakout will be out of the quarterly scale and if it’s going to be candle for candle accurate, it looks like the breakout will not occur until next week….. but God knows if it really have to be that accurate
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RIPPEROP : I want to close “in the gray” today.
Always impressive when it does.
wolfofTennessee : Well it’s not gonna happen tomorrow.
RIPPEROP wolfofTennessee: What makes u say that?
wolfofTennessee : I think it pulls back more. If you look at the options chain there are a ton of itm calls. They’re not gonna let them finish in the money but if they do next week could get wild. I think the bull runs don’t have long though.
RIPPEROP wolfofTennessee: Yes, I was thinking the same thing however, you cannot forget that this is a very competitive game at the moment and strategically timing the chart to put an excessive number of options in the money at close would be exactly what’s needed to add fuel to the fire
RIPPEROP wolfofTennessee: But yea, if my chart examples above are accurate, and the consolidation cycle on smaller time, scales has to be exact. It would appear to need another two daily candles, and which would mean Tuesday could likely be the break.
HOLY CRAP! TUESDAY is the start of a new quarterly candle!
RIPPEROP RIPPEROP: DUDEEEEE.
That makes Tuesday line up in every sense of the way….. specific days or date however, this is a different scenario we are trying to figure out
wolfofTennessee : I know it’s close. That was just the first wave, the next one will be bigger.