Primary count: top of wave 3 in place
Secondary count: top of wave 5 in place competing a larger degree wave 1.
(Invalidation at any daily close above 53.51 / the previous high).
If primary or secondary counts are correct then we would expect a short term correction.
The 15 minute chart may have printed an impulsive move upward.
The new invalidation would be about $1.05 from this recent correction. With a close of $1.07 we could get some clarity soon if this reversal plays out.
The bull case needs to see a $1.37 touch while the bears will expect to push back to $1.00 and below.
This speculation case for CGC continues.
Could we see a bankruptcy followed by a penny stock?
It is not out of the question but right now a slight bullish divergence has occurred on some technical indicators so it was worth taking a guess at some potential upside targets. It has held the $1.00 on this never-ending sell off but with some headlines and an earnings...
A large correction may be ending. Will we have a reversal or a penny stock? Is Elliot Wave Theory useful here? Did we experience a bubble or a 100% correction? Is a bullish divergence appearing on MACD/RSI?
What a strange speculation story here.
Disclosure: I just went long here to what is basically a lottery ticket.
