HEXO Bull Profit Taking

HEXO reversed down from a nested parabolic wedge , larger wedge and large low 2. The follow through selling has been good. The bears will likely get a second leg down before taking profits and before the bulls will look to buy again. This market is still in a bull trend, but wedges often lead to two legs sideways to down, convert the market into a trading range (atleast temporarily), and sometimes reverse the market into a bear trend. The bulls will look to form a double bottom or higher low around the $5 low. They will need to keep the bull breakout gap open in order to defend the strength of the bull trend. Otherwise prices are more likely to convert into a bull flag trading range.

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Shares were dumped on decreasing revenue of an already not profitable company. Something to keep in mind. Look at CTST, their earning disappointed near their all time high. They have lost 50% of their value since then. Just some side notes. Enjoying your posts.
@Barkworth, This info is good sure, but does not really matter. And does not matter to a price action trader. News, earnings, all this other stuff is a distraction. All that matters is what is happening with the price right now. Everything you need to know is in the chart and price action of the market.

Barkworth tradersmentality
@tradersmentality, Interesting. Thanks for your response.
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