Revisited this count and finally saw this ending diagonal. I am cautiously bullish here. Breaking above the trend line (breaking above $7) would be extremely bullish.
Scaling in from $5.50
Stop loss at $4.90
You already know it... Holding the mj sector longterm & reinvesting dividends & diversifying in new canna tech businesses will = financial freedom ♾ might need another 10 years but well worth the wait later on!
JUST #LEGALIZEIT ~~~
BLAZE IT & reap in those extra tax revenues for schools, roads ect...
its just plain stupid for tax payers to...
I really like how this looks here. We may see a retest of upper resistance and a break higher. If this happens, we would be looking at the blue impulse wave.
If it doesn't break higher, we would be following the red ABC, leading us down from here.
I am leaning to the bull side right now, but we need bulls on the ball on Monday.
Fantastic run up, and at the retest of upper resistance, made a higher high. I am currently leaning towards the bull side. We have just completed a wave 3 (or C), then made a higher high in a flat correction. Watch the levels closely, we could see continuation from here.
Yesterday I posted that my bearish count was invalidated, and it was. Zooming out, looking for clarity, I see a falling wedge that still would need one more low to complete.
If you know about the falling wedge, it is an extremely bullish setup. If we see rejection at the trend line today, place your orders at the gap fills and hold on tight.
As for my count,...
Pot industry pumps on Harris comments during debate.
Breaching into the territory of wave 1 invalidated my bearish count. I'm switching to bull.
Currently looking for a break above $6 with large volume, or gap closes down below. The current move looks impulsive, but could just be a WXY followed by 5 waves down. If it is impulsive, we should see a small...
Looking good for a major bounce with daily bullish divs and corrective structure (looks complete). I still watch this sector because it attracts retail traders especially.
The entire MJ space looks about ready to get attention again, probably having to do with what some politicians will say regarding legalization.
Having said that, this is a bounce play. I...
ACB, APHA, CGC, CRON, GTBIF, TLRY are in my Cannabis watchlist. I am bullish on APHA and GTBIF.
MJ is a more conservative approach to capture the gain with limited downside risk.
Ladder buy within the demand zone. Set the stop loss 10% to 15% below the demand zone for the swing to intermediate setup.
- $CRON report could affect this pending breakout
- Levels above based on auto fibs
- Looking for a breakout above $10.90ish for confirmation
- Pattern negated with break below 9.75ish
- MACD looking for a potential bullish cross
... for a 3.00/contract debit.
Max Loss on Setup: $300/contract
Max Profit on Setup: $100/contract (33.3% ROC)
Break Even: 7.00
Debit Paid to Spread Width Ratio: 75%
Notes: High background implied at 118% with plenty of opportunity to reduce cost basis via roll if it discontinues its grind up.