TLRY falling into the abyss here and finally appears to be revealing the next significant Fibonacci point will not be a 1:0.618!
And this is why ultra volatile names like this are so dangerous because after a crash down from $300 to $2 you could be forgiven perhaps for expecting the bear market would be over.
And after an ultra impulsive bullish rally from $2 up to $66 surely this is the beginning of a bull market??
Well - no and no.
And this is why elliott wave is so important in charting. And one doesn't need to geek out into the lower time frame miniature, but it is very important to be able to distinguish motive, regressive and proregressive.
And well its interesting that most cant or wont be so inclined and end up getting REKT!
I'll admit that around $14 I thought TLRY will very likely find support on the 200DMA to get the bull run going and this would be a bottom, but breaking to the downside that was the beginning or a much more impulsive bearish phase.
And it just hasn't slowed at all and is effectively in free fall.
So I was expecting that a stock that I would like would surely be in correction and settle in the 1:0.618 area for a very deep value buy 🤔.
But "no" again. Price almost certainly has too much momentum to settle there and with stock indexes falling into a bear market so it appears a previously unthinkable bottom may be on the cards..........
A 1:1 @ $0.5.
Yes you read correctly - another 90% loss from here 🙀!
At which point I will be backing up the wheelbarrow ✨!
See you @ $0.5 🔥
Comment
â‹…
This will be one of those great calls no-one else got close to. Wait and see...
Comment
â‹…
Long wick fakeout though 50Dma, probably will carry on down without much fuss.
Nice one. But nope not selling. 0.5 as a 240m market cap company? Common sense ain't common these days. Those that can't hold may choose to sell at a loss, those who see the direction of Tilray growing as a consumers brand and has a future prospect, hold. History tells us something, isn't it? If yes, look at the chart on 25 Feb 2020, those that hold throughout a year gain X5 for longs during 11 Feb 2021. Moral of the story? Be confident in your investment ignore noise.
dRends35
â‹…
@Xuanxz095, I'm not saying TLRY isn't a great stock but its pump and dump currently and price is still rebalancing from the $300 pump and will find a deep low. It has nothing to do with the stock itself, all WEED follow a dynamic median.
Pastig
â‹…
That's a sad thing... there is still a long way to go up again and is on ATH. :( :(
Arashbas
â‹…
Interesting
Shikaz
â‹…
So for $0.5 that will make the market cap 240M , do you think that from fundamental perspective that Tilray brands and assets worth 250M only ?
dRends35
â‹…
@Shikaz, No, but it would be very oversold at that point. Equally you could ask if TLRY is worth $300 - and these are price extremes and the goal of good charting is to become aware of them and ready to take advantage.
Shikaz
â‹…
So do you feel it's a bad investment for the long run ? Isn't this one of the biggest companies in the industry.
dRends35
â‹…
@Shikaz, Yes it is but all WEED charts move together to a degree.
CrashWhen
â‹…
Would you rather buy Tilray at $.5 or premium legumes?
dRends35
â‹…
@CrashWhen, Well I did say back up the "wheelbarrow," not the "truck" 😄.