Potentialy we've set our daily lower high with a bearish reversal candle on the daily chart. Watching for Friday's low to hold, if it does bulls have a chance again at the high of Friday, otherwise I'd be looking for a higher low above the recent low 8.17. Potential bottomfish opportunity there if CGC isn't consolidating significantly as we approach support
Hey Matt, nice chart review! It's JF from TCG! lol
Just a heads up, for fib retracements you want to draw from the swing low up to the swing high not from the high to the higher low.
Keep up the good work :)
McGuireTO
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@digimat, Hey brother good to see you here! I actually use fibs going both ways, depending on the move being retraced. For most names I'm drawing low to high to anticipate likely retracement levels but since ACB had already consolidated and stared bouncing, I drew high to low in order to anticipate dump retracement levels on the bounce. Maybe not everyone does this but I find it just as accurate to picking bounce targets and gauging bounce strength
Just a heads up, for fib retracements you want to draw from the swing low up to the swing high not from the high to the higher low.
Keep up the good work :)