$WEED * CGC CANOPY GROWTH CORP. EWP TC FIB 3W TF ANALYSIS
As of October 2024, 
CGC WEED is positioned within a significant Elliott Wave cycle, suggesting a complex market environment.
Elliott Wave Analysis:
Wave Structure:
Wave 3 is currently in progress, with expectations to bottom around $2.46 to $2.06 CAD.
This wave represents a major impulsive move downward.
Wave 4 is anticipated to follow, retracing 38.2% to 50% of the decline from Wave 3, likely targeting the $6.50 to $9.00 CAD range. This wave is expected to exhibit a corrective structure, potentially forming a flat correction or triangle.
Wave 5 is projected to extend down to $0.25 to $0.04 CAD, signaling a final capitulation phase in this bearish cycle.
RSI Analysis:
1. Current RSI Level:
The RSI is currently at 32.77, approaching oversold territory. This indicates that Wave 3 may soon reach its conclusion.
2. Divergence Signals:
Bullish Divergence Potential: As we approach the expected bottom of Wave 3, monitor for signs of bullish divergence. If the price moves lower but the RSI shows a higher low, it could signal weakening downside momentum and a potential reversal.
3. Wave 4 Behavior:
During Wave 4, we expect RSI to recover towards the 50 level, reflecting the corrective bounce while targeting the $6.50 - $9.00 CAD range.
4. Wave 5 Confirmation:
In the subsequent decline of Wave 5, a final push to new lows accompanied by bullish divergence in the RSI would indicate a weakening downtrend, suggesting a possible bottoming pattern and future reversal.
CGC WEED is positioned within a significant Elliott Wave cycle, suggesting a complex market environment.Elliott Wave Analysis:
Wave Structure:
Wave 3 is currently in progress, with expectations to bottom around $2.46 to $2.06 CAD.
This wave represents a major impulsive move downward.
Wave 4 is anticipated to follow, retracing 38.2% to 50% of the decline from Wave 3, likely targeting the $6.50 to $9.00 CAD range. This wave is expected to exhibit a corrective structure, potentially forming a flat correction or triangle.
Wave 5 is projected to extend down to $0.25 to $0.04 CAD, signaling a final capitulation phase in this bearish cycle.
RSI Analysis:
1. Current RSI Level:
The RSI is currently at 32.77, approaching oversold territory. This indicates that Wave 3 may soon reach its conclusion.
2. Divergence Signals:
Bullish Divergence Potential: As we approach the expected bottom of Wave 3, monitor for signs of bullish divergence. If the price moves lower but the RSI shows a higher low, it could signal weakening downside momentum and a potential reversal.
3. Wave 4 Behavior:
During Wave 4, we expect RSI to recover towards the 50 level, reflecting the corrective bounce while targeting the $6.50 - $9.00 CAD range.
4. Wave 5 Confirmation:
In the subsequent decline of Wave 5, a final push to new lows accompanied by bullish divergence in the RSI would indicate a weakening downtrend, suggesting a possible bottoming pattern and future reversal.
Note
As proposed we keep going down ... price back at the macro GZ (yellow box)
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
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