GameStop Corporation (NYSE: GME) continues to develop a complex Elliott Wave structure on the weekly chart. After completing a major cycle-degree red wave III at $120.75, the stock entered a prolonged consolidation phase in red wave IV. The correction has taken the form of a sideways range and appears to be developing as a five-legged contracting triangle. The chart shows the triangle progressing through waves ((A))-((B))-((C))-((D))-((E)), with the final swings of wave ((E)) potentially still unfolding. This structure suggests that the wave IV correction may be approaching completion.
GME 08.04.2026 Weekly Elliott Wave Chart
GME Wave IV May Complete Near $11.89 And Wave V Could Target New Highs
Following the 2024 low, GameStop started another corrective sequence. The chart shows wave (A) followed by a contracting triangle structure. Within this triangle, the subdivisions appear as A-B-C-D-E, with the pattern now approaching its final stages. The current decline is expected to unfold as wave (C), which should complete the larger triangle and the corresponding wave ((E)). The chart projects the potential completion of red wave IV near the $11.89 level.
This area is important because $11.89 represents the 0.618 Fibonacci retracement level of wave (A) in wave (C) marked on the chart. If price reaches this support zone and the Elliott Wave structure completes as expected, it could provide a significant potential reversal area.
Once red wave IV completes, we expect GameStop to begin another five-wave advance in red wave V. The initial objective is for wave V to break above the $120.75 peak, confirming the continuation of the larger bullish cycle. Beyond that level, the rally could extend further toward the $148.75 area before the next major pullback develops.
Conclusion
GameStop's Elliott Wave structure suggests that red wave IV may be nearing completion within a contracting triangle. A potential completion near $11.89 could set the stage for wave V, with expectations for a move above $120.75 and a potential extension toward $148.75.
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