POTX at a great discount

NASDAQ:POTX   Global X Cannabis ETF
First off, I hate buying on green days. Especially with everything going on these days with Evergrande, Covid, unemployment/labor force, Burry's 5:1 study, etc.
I think we're in for a larger market correction before the end of the year.

That being said, there are some industries I believe will be recession-proof. One of them being weed. Everyone loves their weed.

I've watched numerous weed stocks/etfs over the last 6 months, waiting on a buy signal. Over the last couple weeks, POTX has shown signs of a turnaround. The momentum squeeze divergence is showing a long string of bullish charting. The downward pressure seems to have lifted over the last few days on the Boom Hunter charts. We've also seen macd starting to make it's way back up to 0.

The other thing I'm noticing is the shaky falling wedge . It's by no means perfect, but it looks like we're coming to the tail-end of this pattern where we see a break to the upside or we have to start drawing anew.

I'm excited for this ETF and have begun adding a small position.
If it does end up moving down, I'll continue to average down as we haven't seen these price levels since last year. A great discount right now that I couldn't pass up.

I think we're also seeing some sentiment change with Bezos coming out and lobbying for legalization. If you're not in this one yet, it's definitely something to keep your eye on.

Happy trading everyone!

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.