modernpicasso

ACB Analysis - One More Corrective Wave

TSX:ACB   AURORA CANNABIS INC
Observations
  • ABC correction was thought to be completed, which would lead to the start of the next impulse wave
  • However we are now likely headed for further correction (i.e. form ABCDE correction) based on the current momentum
  • If we break 12.55 with strong conviction (i.e. significant volume ) then I do not see this as the impulse wave

Disclaimer
For informational purposes only and not deemed as financial advice.
Comment: In regards to my last bullet point, the word "if" should be "unless".
Great work...please keep up with ACB. As much as I want it to go straight up from here and hope theres a flag at play, I think the next move is down as well. Hopefully just one more though like you say.
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100 percent agree with that I hit the first break out 10.25 - 12.23 sold and expect it to cross 10.50 today, but somehow found support and rallied. also could be a bear trap :)
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@derekh42, appreciate your feedback! I have been doing analysis offline for the most part and decided to post them up to see what others think. I think part of the reason it jumped a bit late in the day was due to the bounce on the Dow Jones Index (DJI)..however the volume for that bounce was not significant.. I don't believe the DJI is done correcting yet either, I was thinking it would hit within 23250-22250 range (i.e. at the .382 - 0.5 fib level) Let's continue to monitor to see how this plays out. Cheers!
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derekh42 modernpicasso
@modernpicasso, actually that is why there was a huge bounce I wish I knew how to send you a to DJI but the low from Feb 11 2016 draw a trend line to the bottom of the candle wick. its a perfect computer traded correction. DJI should consolidate around 25,000 until august and then should fall out of the symmetrical triangle. my opinion and prediction. You never know! happy trading!
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