HMMJ: Extended Correction
Observations
Disclaimer
For informational purposes only and not deemed as financial advice.
- Extended correction through an ABCDE wave pattern.
- Charts still bearish as 55 EMA is above the other EMAs on 3h timeframe. Price trend also well below 55 EMA.
- RSI is also downtrending making lower highs.
- Continued pressure across the stock market (i.e. Dow Jones Index is still looking to correct further)
- Keep a close eye if it breaks down further. Possible buy zone at the previous low of $16.53 and 0.618 fib level (i.e. $14.86)
- A significant break above $20.28 and 55 EMA support would be good indication of an uptrend to a possible impulse wave.
Disclaimer
For informational purposes only and not deemed as financial advice.
Note
Price action has been fairly sideways over the past few days with indecision. However, we may see a negative impact to the price action tomorrow across the MJ sector due to the senate update around delays to retail sales (by at least a month). If so, this will follow the extended correction as indicated above.
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