(CGC) Daily Bull Bat - Type1.5 entry
Updated
I have plotted a large Bull Bat pattern that merely yielded a natural harmonic reaction. News of a reverse split and a dilution deal with the enemy have caused the move to new all-time lows. Despite this, the large Bull Bat pattern is still in play. Note the Bull Shark(blue), Bull 0.618AB=CD(pink) and Bull AB=CD(teal). The natural levels found within each distinct pattern are collectively pointing towards $2.85 as a sort of maximal pattern excursion level; price ought to hold here. Note the 'not steeply inclined' downtrend line beginning on Feb. 16. and buy the breakout if price continues to hold near the $2.85 level leading into the breakout. I have plotted four price targets in thick green line. The dashed line is the .382 retracement from current high to low and the others are harmonic pattern targets.
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It's happening. The downtrend break has signaled a long entry for the faithful. Today's after-hours action suggest a gap open higher on Monday. Is this another buy the rumor/sell the news type of affair or is trend following the way to riches here? The CEO says the company is built to succeed and that US rescheduling is only icing on the cake. This from the guy who led this company into dire straits and made deals with the shorts who destroyed this stock through naked shorting. Meh. I'll believe it when I see it. If this thing goes parabolic in a hurry and prints a gap and/or fat bar on the news release, don't be the last one holding the bag. Best of luck to all the longs!Note
Target1 @ 4.37 was touched during yet another very active after-hours session. The next few bars will reveal if there is enough momentum to break and hold above the longer downtrend line or if more accumulation action is required before a major impulse develops.Note
Price has come within 2 ticks of Target2 during a massive volume session. I make a note of this only because the 5 minute chart looks toppy. Be sure, it's all squiggles. No one knows what the next hour holds. The plotted Target2 represents the most probable target given the action of the three smaller embedded patterns. I may be wrong, but my minds is fixed on the larger Bat pattern and the potential for a Type2 response to last year's large AB=CD. That being said, I respect the harmonic model and have sold 25% of my holdings @ 6.38.GL to all the longs!
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She's printing 6.70 at the moment. LOL. you have to love it when the markets asks, "Oh you know better then me, eh, smart guy?"What fortune to have found this issue!
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Target3 was touched during the pre-market session today. I expect further bullishness, but I suspect we will have to settle down lower over a few months before we see new highs. I can certainly be wrong as FOMO is a thing. That being said, the 195 minute chart has printed and begun to react to a Bear Shark pattern. I will consider re-entering the portion I liquidated @5.39(core number of last year's AB=CD), @5.26(core number of current Bat) and/or @5.08(current 195 minute POC). If time proves my assumption correct, CGC will trade to $17+. Visualize the scenario in price & time then squint your eyes; you'll see what I'm getting at.Note
Target3 was touched during the day session. Be very careful here, folks. The 15 minute RSI is showing a large bearish divergence. The touch equates to the completion of a large counter-trend Bear Shark pattern on the higher time frames and to HOP interaction within the framework of a 10 minute Bear 0.6181AB=CD.Note
I just got stopped out and I am grateful. If you SOB's can take it higher, god bless ya. I think the odds are in favor of this being a top to the parabolic, but there is no confirmation yet on the higher time frames. Currently, there is a 73 bar Daily Bear Shark pattern in place. If this turd tanks from here or showing top grinds lower and you are still bullish, watch for the formation of a Bull 5-0 pattern.This will no doubt be the trade of the year for me. Grats to all the longs!
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Price has gone to Target4. Best to all the longs.
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