Hello Traders,
Because of heavy bronchitis, there have been no updates last week.
Hopefully can go on this week with my analyzes!------------------------
Canopy Growth.....
As per my last analyze, CGC has achieved the target range @ 17.74, which was the 0.5 Fibonacci of the massive upmove, as it was a 1.382 FibExtension of a corrective a-b-c move. So, this was maybe all of the correction or one more low to come is next. At 16.84 a 0.618 Fibonacci of the first leg up is placed! This area would meet also a range of a wave „4“ of lesser degree.
If we play the idea of a new impulsive move up, and I like the upside in CGC, note that >>>„second waves often retrace so much of wave one that most of the profits gained up to that time are eroded away by the time it ends!“ <<<
(taken from „The Elliottwave Principle “, written by Prechter&Frost)!
So, regardless if one more low to come or not, the overall level to watch is the low at US$ 13.81 as of November 19. This level must be valid for the bullish view. Any decline below this, and if it is just a Penny, will make this bullish forecast invalid and will take my stand neutral!
One argument for one more low to come is the fact, that the sideways move since the possible wave ((c)) low, call for one more decline to come, to my view!
So, today's trading maybe give an answer to what will be next for CGC!
I will update the chart in the coming days.
Have a great week
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Because of heavy bronchitis, there have been no updates last week.
Hopefully can go on this week with my analyzes!------------------------
Canopy Growth.....
As per my last analyze, CGC has achieved the target range @ 17.74, which was the 0.5 Fibonacci of the massive upmove, as it was a 1.382 FibExtension of a corrective a-b-c move. So, this was maybe all of the correction or one more low to come is next. At 16.84 a 0.618 Fibonacci of the first leg up is placed! This area would meet also a range of a wave „4“ of lesser degree.
If we play the idea of a new impulsive move up, and I like the upside in CGC, note that >>>„second waves often retrace so much of wave one that most of the profits gained up to that time are eroded away by the time it ends!“ <<<
(taken from „The Elliottwave Principle “, written by Prechter&Frost)!
So, regardless if one more low to come or not, the overall level to watch is the low at US$ 13.81 as of November 19. This level must be valid for the bullish view. Any decline below this, and if it is just a Penny, will make this bullish forecast invalid and will take my stand neutral!
One argument for one more low to come is the fact, that the sideways move since the possible wave ((c)) low, call for one more decline to come, to my view!
So, today's trading maybe give an answer to what will be next for CGC!
I will update the chart in the coming days.
Have a great week
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!