Hello Traders,
a "sharp move" occurred at CGC (Canopy Growth), but not to the upside, instead a decline to fresh lows @ 19.64! This low was some tics below the 1.618 FibExtension from 52.74-44-13 and could be all of the declines within a wave „C“/“Y“ of „2“ or one more up-down sequences are need to complete.
Analyzing the move from 23.68 to Friday`s low @ 19.27, it took the distance of a 1.618 FibExtensionand could be wave (iii) of ((v)) of ((2))! So one more countertrend is next and a drop to fresh new lows after is to expect.
If Friday`s low was indeed a wave (iii) a move to ~20.83 level is possible in the coming 1-2 trading days or so. At this zone, a wave „4“ of lesser degree is to watch and it is the 0.38 Fibonacci from the wave (ii) -(iii) @ 19.27!
I will follow the chart pattern closely and update the chart if anything new occur.
Have a great Sunday...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
a "sharp move" occurred at CGC (Canopy Growth), but not to the upside, instead a decline to fresh lows @ 19.64! This low was some tics below the 1.618 FibExtension from 52.74-44-13 and could be all of the declines within a wave „C“/“Y“ of „2“ or one more up-down sequences are need to complete.
Analyzing the move from 23.68 to Friday`s low @ 19.27, it took the distance of a 1.618 FibExtensionand could be wave (iii) of ((v)) of ((2))! So one more countertrend is next and a drop to fresh new lows after is to expect.
If Friday`s low was indeed a wave (iii) a move to ~20.83 level is possible in the coming 1-2 trading days or so. At this zone, a wave „4“ of lesser degree is to watch and it is the 0.38 Fibonacci from the wave (ii) -(iii) @ 19.27!
I will follow the chart pattern closely and update the chart if anything new occur.
Have a great Sunday...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!