CGC trade ideas
$CGC 2021-MAR-16πππππ π
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After volatility pushed the price below the channel, we managed to close largely within the expected channel range. Blue lines represent +/- 3 deviations; suggesting that the recent drop could be a whipsaw reaction to the overly bullish push last month.
This is still a GREAT setup for upside potential.
$CGC Cup and Handle repeat. ~$80 by June/July. My highest conviction play.
With this pullback, I think CGC is setup well with the possibility of earnings catalyst and or legislation on Cannabis. Looking for a big move before July is out. PT $70-80.
CGC introducing beverages will be a hit.
Check out articles on CGC's beverages.
**Opinion only, Not financial advise. Invest at your own risk.
$CGCStrong trend line - Gotta break down these resistance walls. Hammer candle to a nice reversal. Volume accumulation. This is not financial advice.
CGC MACROCould be taking a down leg today... if that's true, we'll be seeing $29dollars.... on the other hand -- seeing a bullish upleg could bring us to $40.05! However, even if we get a retest at $29, CGC has still broken out of the Falling Channel and a reversal-bounce flipping resistance into support will be expected... followed by upside continuation and reaching target of $40.05
CGC BounceNot entire sure how to count that drop yet, but with the hourly price moving above MA8, 21 and 50, we are likely looking at the start of a new hourly uptrend. Time will reveal if this is a B wave or the start of a new motive sequence...
CGC - Appears to be in a buy zoneWe have corrected from the recent high and an old gap from the previous run-up to $50 appears to have been filled. We have some support around $30 which appears to be solid. An up-trend remains in tact and there's no obvious road blocks with the exception of psychological barriers and unforeseen influences in future price action...
$CGC Primary countInteresting to see a confluence zone for INT3 through extension of Minor 1 & 2 and Primary 1 & 2. Just targets calculated, not the time aspect.
Given momentum and catalysts for the industry, it would be reasonable to assume that the top is not yet in for 2021.
CGC Detailed CountTook me all weekend, but I am confident that this has rooting in reality.
INT1 complete, currently expecting INT2 sharp, but could expand. What a monster to decipher!
CGC Detailed Elliott Wave CountFriday's price action made me take a detailed look at the internals. I've gone over every single minute of this one, and can only propose two 3 wave moves at primary degree where the recent correction entered into (1).
I am confused. Anomaly? 3-3-3 against the trend? Macro trend still down?
March to June 2020 is a 3 wave move. I've seen people assume this to be a 5 wave move, but nobody has proposed a convincing count.
October to December 2020 is 5 waves, heavily distorted when Biden appeared to win and Harris came with her pro cannabis propaganda. (not entire sure if the triple three WXYXZ is not just a double three WXY, but targets remain the same.
Then comes the bit where the entire industry suddenly went parabolic.
Normally, when waves enter into each other's territory, we consider subdividing 1-2-i-ii, but in this case, I see no alternative where such subdivision wouldn't lead to motive waves where the internal third wave isn't the shortest.
In other words, I am confused. Is (1)(2)(2) part of a cycle degree B wave and are we looking at a primary degree WXY? That makes no sense to me.
CGCIf you could the corrective sub waves, it would be reasonable to expect a bounce. Bounce could be impulsive or corrective. Two paths proposed.
ABC BullishMarket has been a bit all over the place..
Be sure C is C (o: As of late it is subject to change.
A long legged doji can reach down and find an area of support
Not a recommendation
If you love your job, you will never have to work a day in your life (o:
$CGC Retest of trend line, meeting MA100As proposed earlier, we got the anticipated retest of downtrend. Meeting MA100 at the same time.
Levels on watch.
$CGC 2021-MAR-04πππππ πππ ππ ππππ ππππππ ππππ ππππ?
The price as closed below the rising channel; however $30 horizontal support is yet to be touched. Given where the RSI is at the moment, and with that support - it should be reasonable to expect a recovery bounce is due. Alternatively, a close below that key support is going to create some selloff pressure.
CGC for long position been watching this market since i missed the last bull run ive been waiting on it to pullback its here now.....come join in if you see it too
CGC: Bounce from upward trendlineUptrend to continue. All of my analysis comes with SL no matter stock or currency.
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Suggested entry 35.37
