GME made sharp and impulsive rally in March that belongs to first leg (A). In Elliott wave theory, after every five waves, we can expect a three-wave pullback before a trend continuation. So, currently we are tracking an A-B-C corrective setback within wave (B) that can be slowly approaching the end, as we see it moving in final stages of wave C of (B). Ideal support in Elliott wave theory is at the former wave 4 and golden 61,8% Fibonacci retracement which comes around 125 level, so final subwave “v” of C can be still missing.
What we want to say is that we should be ready for more gains within wave (C), but ideally once current wave (B) correction fully unfolds. Of course, there’s a chance for bigger or more complex wave (B) correction, but the count remains valid as long as it’s above 77 invalidation level.