Hello Traders,
CGC gaped to 16.40 on November 14 and declined the following days to 13.81. This is within my cited target range from 14.43-13.52 and fulfilled the expectation for a wave „5“ decline and target range. So it could be possible that CGC is at the forefront of an up move in the coming days and weeks, maybe it has started or it will do so pretty soon.
A clear five-up will be the first hint that this idea is in the cards. For now, we have just a gap to the upside by yesterday's session and we must wait how the stock will perform in the coming hours and for the remainder of the week!
There is no need to jump in the stock, being a bull, `cause if my idea I favor for CGC work out, Canopy Growth is at the start of a multi-week advance.
Indeed, a close of the open gap @ 16.40 will be a good sign that the gap is an „exhausting-gap“ as I mentioned before.
So, let`s wait and see what will happen.
I will update the chart in the coming hours and days.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
CGC gaped to 16.40 on November 14 and declined the following days to 13.81. This is within my cited target range from 14.43-13.52 and fulfilled the expectation for a wave „5“ decline and target range. So it could be possible that CGC is at the forefront of an up move in the coming days and weeks, maybe it has started or it will do so pretty soon.
A clear five-up will be the first hint that this idea is in the cards. For now, we have just a gap to the upside by yesterday's session and we must wait how the stock will perform in the coming hours and for the remainder of the week!
There is no need to jump in the stock, being a bull, `cause if my idea I favor for CGC work out, Canopy Growth is at the start of a multi-week advance.
Indeed, a close of the open gap @ 16.40 will be a good sign that the gap is an „exhausting-gap“ as I mentioned before.
So, let`s wait and see what will happen.
I will update the chart in the coming hours and days.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!