AdvisorShares Trust AdvisorShares Pure US Cannabis ETFArca
Description
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TAKE A HIT OR LET IT SIT?
Just about to pivot on the interval cycle via 3/4 wave, I would expect to see a small correction that might be usable for a long swing for $1 gain (or more), but will begin to sell and continue this downward trend through out the summer.
Shaving another $3, I can see this cannabis ETF possible catching ground around $14.5 - $14. Hard to judge since that isn't any previous volume to support this ticker, but could present a cycle correction worth playing.
MACD is showing divergence, so I would assume this divergence will carry on through out the 5th wave.
Comment
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This will go lower (than original wave 5)... this hit my weekly and daily semi-cycles and them some. I think we will see a nice correction here, but come Aug. sell lower than before... I posted new chart post to follow if true.
Great insight, thank you! The disconnect between stock price and fundamentals is at a record now. Average EV/EBITDA of holdings is ~6. Average MSOs are at a PE of 2x as well which is the COVID low of March 2020.
happytree614
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@TECHJRA, appreciate the feedback! (it's been a crazy ride and a half)