TLRY Sharp CorrectionFollowing my previous post, we now have 1-2 or we have A-B. Next is a 3 or a C that should target $24. Breaking above $24 increases the probability that it is a 3rd wave, and would target $28, $32, $35 and $40. Rejection at $24 would mean more pain ahead.
Macro degree, we will either get a head and shoulders, leading the price down to the $10 range, or we get an ABC up to retest the highs, or (least likely) we get a new impulse to new highs.
Indices are really scary right now. FED has no clue how to fight inflation and Biden administration with Warren is anticipated to be bad for markets. I am going to stay defensive, and trade only what is right in front of me.
TLRY
$TLRY Bounce looks impulsiveI am anticipating a retest of upper resistance, most likely pre-market. Waves 5 can extend, but it wouldn't be reasonable not to expect at least some sort of pull back before charging higher.
Breaking the .618 at $28.85 would be the first hint that we could see a try at $29.50.
APHA Day Trade IdeaAPHA (Aphria, Inc.) is rebounding up from a support line on the year to date rising fibonacci channel.
It is probable that APHA will continue it's upward momentum up to 17.81 for an approximate 13% gain (+/-) upon where it would encounter the yearly 61.8% fibonacci resistance level.
If APHA crosses above 17.81, the Point of control (POC) where volume is most concentrated is at 18.75.
Crossing this level is less probable but not impossible, as APHA has been known to out perform both in market hours and after hours.
I currently have no position in APHA, so this is just my unbiased opinion.