cgc quick chart @cryptoknee do I know exactly whats going on here?, not really, Do I love this count?...NO. I do know the sector is getting slaughtered RN and any bounce is dumping pretty hard. Will I trade off this chart, yes, but will less capital at risk. Gut/greed is telling me 10$ but..I do have a count that goes to 4$. I also see some geometry here where we may bounce a bit. Gaps usually happen in the 3s, when they happen in the 3 of 5 it can signal exhaustion... Im keeping my eyes peeled for ext 5ths and diags in CGC. but for now im looking lower...
Weedstocks
Hexo my count @cryptoKnee #elliottwave #potstocks #weedstocks ill be the 1st to admit, the 1 of the E is not a super clean and convincing impulse, and there could be other counts. Ive been shorting since 4$ in and out and this count has been working for me B A utifully, do what ya feel.plenty of technical reasons to thing the 5 is in on this count...between here and 1.50 possible bounce MO...im still short.
Pot Stocks Bout to FlyFinding support here on a large scale, First Target at weekly resistance, I think they will take it off schedule one or something will be the catalyst to get them flying again.
$XXII Looking BullishSolid trading over the past few weeks setting us nicely for a leg up... Head and shoulders in place... Big resistance at $2.00... IMO we could move up to the $2.40 level... Some resistance at $2.20...
Canopy Growth Price Action - Is the Bottom in for Potstocks?We are now near the bottom of the previous wave 4 of one lesser degree, and IMO it's about time for shorts that have rode this down to take their profits and flip long.
I've updated my count and I now have A as a leading diagonal, and I have this whole correction as a standard ZigZag. Whatever we have here is in 3 waves, and this count seems to work, especially the fib relationships when I did a deep dive.
Wave C looks pretty straight forward with 5 waves in a channel. The extended wave 3 hit the 1.618 x A target right on the nose; It'd be hard to argue that that 5 wave move is not an impulse. Question is, where are we in the final 5th wave? I can't get a great count on this one, and see two possibilities:
1. Wave 5 is some sort of diagonal, and has completed. What I like about this is the wave A and C equality of the the large red ZigZag. What I don't like is the ending diagonal is messy.
2. We are still in wave 3 of 5. My target for this case is $14.5. Here's why:
a. It's the target for wave 1 and 5 equality. (Last blue wave 5 would be equalt to wave 1)
b. $14.5 is a level of interest as it was the top in November 2016.
c. It could satisfy the wave C target using the channeling guidelines (pink channel)
d. I also noticed that price is reacting to the slope of a channel using the top of blue (A) of the larger red B wave. Check out the fib channel and how price has reacted to it. Even the overshoot hit the .236. Not sure why, but seems as though algos are reacting to
something here. Take a look at where this channel intersects with the pink channel. You guessed it, the golden ratio .618.
My plan is to wait for it to play out, and will be watching my indicators closely at the $14.5 area. If instead we break out of the C wave channel (specifically the TL joining the top of waves 2 and 4), I will also go long. This change in price behavior would let me know that wave C has completed.
GL All!
-ill
Potential rally to $24 in 2020Looks like Aurora Cannabis has formed a 5,3,5 ABC zig zag correction. The C-wave should bottom out around $3.60 area. From there, we should see a motive phase to $24 if the 161.8% fib plays out late 2020.
VFF - BOTTOM NEARSEEING SOME REALLY NICE CONFLUENCE TO MATCH A DECENT COUNT
THINK THE WHOLE SECTOR IS ABOUT TO BOTTOM. LOOKING FOR A SHIFT IN MY MOMENTUM INDICATORS AND A BREAK OF THE SMALLER PITCHFORK TO CONFIRM
Possible Consolidation/Trend Change On CRONCronos Group had a strong uptrend and maintained it for about a year when there was a lot bullish speculation around cannabis as more states in the U.S. began to legalize the plant for recreational and medical use. There were huge estimations on the total worth of the market, however, an estimation on any market will come with errors, estimations on the size of black markets are even more difficult to estimate as there will be a significant amount of errors due to missing data or due to proxying variables to substitute for the missing variables. In addition, the demand for legal cannabis varies dependent on the cost and quality of black market contraband. Once actual revenue started coming in for these companies and solid data, most investors left the space.
The Fundamentals:
As I am still developing my understanding of the financials of businesses, I still understand the balance sheet at a basic level, and currently, the business is still incurring a loss despite increasing its revenue significantly. At the early stage of businesses its not uncommon for them to take on debt, I am not sure on the exacts of the ratio a company should incur in debt, but this is something I will do more research on.
The Chart:
On the daily, it appears like the current movement is slowing down as the real bodies for these candles are shrinking, the current candle on the daily is a potential 3 candlestick reversal known as a morning star. If it reverses here on the daily, it is likely a reversal candle will be printed on the weekly. Another thing to note is that the price is currently at a level of support.
On the RSI, there is a descending trendline and price action has been accelerating to the downside. It is possible to try a longer term position with the RSI trendline kept in mind as a possible area to take profit and such, but that event would take more time and possibly more downside to occur, once the morning star is confirmed a shorter term long position is possible.
weedweeed & hmmj
not chagin or guessing bottoms...ugly charts at moment..let's be patient for entries Nice gap and continuation would be best play to watch for reversal
APHA buying for the LONG (2+years)Buying at ~6.09. I will take profits if we hit 12.61.
My fair value for this company right now is 10.10 per share.
How I am allocating my weed stock portfolio - SMG and MDCLSome quick commentary on which Marijuana stocks I am bullish on and which ones I am avoiding.
Should you buy this marijuana stock - MDCL?There has been a lot of news about Medicine Man Technologies acquiring more market share of the cannabis or marijuana sector in Colorado that has pushed this stock from $1 to $4 in 2019, but is it just hype?
CGC: On Extended Flat Correction in Corrective Grand Super CycleChart Watch:
7/13 - CGC is now more likely in a W(IV) double three that is going to end in a 3-3-5 extended flat correction.
On the 3rd leg impulse wave down within the 3-3-5 flat correction, we are looking at a 3rd Wave extension.
Scenario: 3rd Wave Extension: W3 is longest and can be any length. W1 and W5 are equal length (1.00)
Status: IN PLAY
W1(0) = 52.74
W2(1) = 44.17
W3(1) = unknown but look at Fib lines of support from Waves of higher degree
= W(III) 0.5 support at 32.07 and 0.382 support at 25.66
But W3 length must be greater than W1 length if W3 extension
Therefore W3(1) must be less than W2(1) - W1 length = 44.17 - 14.36 = 29.81
W3(1) < 29.81
= 25.66 or 0.382 of W(III) Fib support
W4(1) = unknown but typically retraces 0.382 of W3 length
= (a) IF W3 bounces on 32.07 Fib 0.5 support THEN W4(1) = W3(1) 32.07 + W3 length (44.17-32.07)*.382
= 36.69
= (b) IF W3 bounces on 25.66 Fib 0.382 support THEN W4(1) = W3(1) 25.66 + W3 length (44.17-25.66)*.382
= 32.73
W5(1) = uknnown but W4(1) - W5(1) = W1 length = 14.36
= W4(1) - W1 Length
= (a) 36.69 - 14.36
= 22.33
= (b) 32.73 - 14.36
= 18.37
Just Some Weed For Fun (TLRY)I primarily focus on cryptocurrencies, but since many are stagnating at the moment, I'm looking at some other assets for possible setups. If I had some extra investing capital right now, I'd actually enter a small position here. The market seems to be overreacting a bit, and TLRY is now at a prior resistance level turned support. If it can bounce here (ultimate oscillator is showing a potential bottom with a large divergence), Tilray can make an attempt to break the downtrend channel. If this happens, near term targets are around the $50 and $65 levels. You can see that clearly on this chart. However, if Tilray cannot hold above current levels, it can head easily to the $24 zone (next support). There is significant downside risk here, so a stop loss might be a good idea, if one were trading this.
With stock market volatility at extreme levels, it's important to recognize the risk associated with opening short term positions (particularly on margin). I would expect current share prices to be fairly strong entries for the long term.
Analyzing is just a hobby of mine. I am NOT actively day trading at this time. This is certainly not financial advice. When looking at equities, it's important to assess the whole picture and do diligent research. We shall see.
-Victor Cobra
ACB Trendline Bounce TradeACB appears to be in a good buy spot here- This stock along with many of the marijuana names have been beaten up in the last few weeks/months.
The price is on/near the diagonal bullish trendline it has respected for a long period. Although it is not the strongest of trendlines with only 3 real bounces. I do think the risk meets tbe reward here.
Im looking at a trade just under 5:1.
Close any weekly candle close below the trendline. Take profit at the moving average. If it breaks the moving average in a strong way I will update my price targets.
Happy Trading :)
Can Tilray Get Back to over $100?Looking at Tilray with the MACD and Megalodon indicators, we can see a buy signal on the daily for Tilray. Something that we've seen only twice before, both times being the start of significant rise. The Daily MACD doesn't have as much room to turn as did previous signals, however it does look a lot sturdier and supportive. As of right now though, we cannot chase this stock. Looking at the shorter time frame we can see a strong sell signal from the Megalodon. So while I am feeling confident about Tilray in the long term, we must wait for a short term correction to find our buying opportunity.
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$WEED support lost, will the channel hold? #WEED #CGCOh well, were definitely expecting more energy from around here but now it seems to be that the support that has been holding the price on right course since December '17, is lost. This channel where the price bounced a tiny bit right now has also been tested few times earlier. Not looking that impressive here, for me at least. If this channel is lost, we may see this stock around sub 40 CAD and then maybe even sub 30 CAD. Seems crazy with all this legalization just keep on spreading that the price would see stupidly cheap prices but maybe still lower from here a bit. Direction will chance soon - after the market has done what has to be done.
