One pandemic and 2 kids later... I'm back.
Pot to me looks like the value play for this decade. Most view it as dead $ given the run on crypto and tech but I see a wave II corrective wave that's close to completing.
3 things need to happen for a true bottom to get painted here:
1) The drop needs to shallow out. We want a lower low that's on that 1x1 Gann angle (but not any steeper!). My hope is that this takes place somewhere in the $6-$7 range as the ABCD completes. The theory is that wave II is a flat or zigzag so we're on the tail end of a 5 wave terminal wave C.
2) Volume needs to keep growing. You already see it but IMO as money starts to leave traditional equities in a likely correction soonish (future post) you'll start to see it pour back into beaten down sectors like cannabis.
3) Progress needs to be made on the legislative side. DUH... but as mid terms start ramping up I'm expecting both parties to try and one-up each other in trying to take credit for actions toward legalization. Likely it will be lots of rhetoric with little progress so not getting my hopes up... but there just has to be a small catalyst to turn the technicals around.
I've taken starter positions in CGC, CURLF, CRON, TLRY and will continue to accumulate as they drop. No options here as time is not our friend. Stay patient my friends.
Pot to me looks like the value play for this decade. Most view it as dead $ given the run on crypto and tech but I see a wave II corrective wave that's close to completing.
3 things need to happen for a true bottom to get painted here:
1) The drop needs to shallow out. We want a lower low that's on that 1x1 Gann angle (but not any steeper!). My hope is that this takes place somewhere in the $6-$7 range as the ABCD completes. The theory is that wave II is a flat or zigzag so we're on the tail end of a 5 wave terminal wave C.
2) Volume needs to keep growing. You already see it but IMO as money starts to leave traditional equities in a likely correction soonish (future post) you'll start to see it pour back into beaten down sectors like cannabis.
3) Progress needs to be made on the legislative side. DUH... but as mid terms start ramping up I'm expecting both parties to try and one-up each other in trying to take credit for actions toward legalization. Likely it will be lots of rhetoric with little progress so not getting my hopes up... but there just has to be a small catalyst to turn the technicals around.
I've taken starter positions in CGC, CURLF, CRON, TLRY and will continue to accumulate as they drop. No options here as time is not our friend. Stay patient my friends.
