Fractal Analysis Shows We Still Valid! (Fortune Fractal Pt. 4)I had some people asking me to make an update post on SNDL's current situation. As usual I am going to approach this from a fractal analysis (FA) perspective and I'd like to say that the "Fortune Fractal" Strategy is still valid!
Looking at the chart, I drew out what appears to be another smaller bull pennant that formed after the larger one from earlier this month. This smaller bull pennant has similar characteristics with the larger bull pennant right before it. It also still follows the general rules of the Fortune Fractal strategy. Here are few things to consider:
1.) Just like the larger bull pennant, the smaller pennant shoots above the SMMA 7 line before slowly retreating back below it. This is what I consider to be a retesting of price action before an fractal explosion could potential happen.
2.) Similar to the larger bull pennant which bounced on the pink line within the RSI, the smaller pennant looks like it will soon do the same thing. If we can get a bounce of price action around the pink RSI line, then we can place more faith in the Fortune Fractal.
3.) Lastly, the MACD seems to be showing signs of decreasing bear influence on the stock as the red bars on the histogram have become lighter and smaller than its preceding bars. If we can see a confirmed shift to green bars on the MACD (showing bull influence), I think we can put even more confidence in the Fortune Fractal.
***I am not a financial adviser in anyway, I just enjoy Fractal Analysis and find it very reliable in this situation. That being said, I expect everyone to do their own Due Diligence instead of following blindly.
