Just studying some and figured to put some thoughts to writing, solely for my own friction of thought.
$TLRY's sudden price jump occurred during the formation of a minuette 5 wave, which extended. The steep sell off right after, was pretty scary, but expected at the same time. I am trying to decide if we witnessed an anomaly, or if this insane price action marks...
Looks like a nice setup for a quick play, with nice .618 bounce and some seemingly easy diagonals. I don't see a triangle formation, but the lines are there.
Many different patterns possible here. Initial wave looks like a 5 wave move, but alternatively labelled as WXY. Nice .618 bounce, suggesting that we could see bullish continuation. I'm leaning to a C wave...
Following my previous post, we now have 1-2 or we have A-B. Next is a 3 or a C that should target $24. Breaking above $24 increases the probability that it is a 3rd wave, and would target $28, $32, $35 and $40. Rejection at $24 would mean more pain ahead.
Macro degree, we will either get a head and shoulders, leading the price down to the $10 range, or we get an...
I am anticipating a retest of upper resistance, most likely pre-market. Waves 5 can extend, but it wouldn't be reasonable not to expect at least some sort of pull back before charging higher.
Breaking the .618 at $28.85 would be the first hint that we could see a try at $29.50.
Losing $26 would bring $23 in play. $29.50 again resistance. Wave leading into the setup looks choppy, lacks an impulse but could still be motive. A retrace to $23 could be a classic 1-2 setup.
Volume supports a motive setup, also Moving Averages supporting a possible uptrend.
We got the anticipated move higher. She met supply here. If she manages to break supply, there could be a little more upside to the current sub wave. If projected levels hold, she should pinball her way through to upper resistance.
Wave does look choppy, but lets stick with impulse for now.