Wow volatility is CRAZY!! making fib bounces within days. Not wasting any time hitting targets!
Target for WEED reached at 30$ retracing to 62% fib.
Now hopefully a short back down for the final correction wave from the ABC pattern
First target pickup is at 21 again, second is at 16$. Good luck and remember to take partial profits in case in keeps running upwards, WEED could very well keep going to 35$ but don't fomo, patience is key, it will come back down again before legalization.
Hello. Great looking chart. So you think there is still a downtrend? Do you think it will find support somewhere between 16 and $21? What do you think what is the long-term entry point? I would Love to hear from you.
MysteriousPersian
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@Attilaelek, Defenitly long term entry between 16 to 21, im a buyer at these levels. I'm still very bullish on the cannabis market in general but this correction was blatantly obvious after such an absurd run up.
I believe the downtrend will continue short to midterm so anywhere from a couple weeks to a couple of months.
There is a lot of turmoil in global markets in general, if your keen on holding long term you might want to wait for the dust to settle. that being said, some of the greatest deals on stocks are during high volatility when people are selling crazy low because of FUD.
If your up for the risk, have a limit order down there, if you aren't, wait for the stabilization in the price action.
ZackMichael
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I have a different wave count.
MysteriousPersian
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@ZackMichael, imo your first correction wave is incorrect. That dip is essentially selling pressure and your B wave is a return to the mean before the actual correction started. Therefore youir C wave is actually your A wave.
But thats only my opinion
MysteriousPersian
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@TristanKhanizadeh, oh wait you have this whole pump as the first wave of a bigger elliot cycle?... your one of those infinite elliot wave moon type guys lol. I think your gonna be sourly disapointed
ZackMichael
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@TristanKhanizadeh, Nope. Not one of those guys you mentioned. But if WEED continues bullish, that pump will serve as the sub-waves for the larger trend, naturally. If it doesn't, then of course we'll have another scenario.
MysteriousPersian
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@TristanKhanizadeh, I also think your assumption to not count the wave before breaking out is a mistake on your part, impulse waves happens before breakouts all the time, its part of the breakout. 3,4,5 waves are to close together. so are AB correction wave. the head and shoulders top is a sign of price action maturity, not part of impulse or correction cycle.
ZackMichael
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@TristanKhanizadeh, you may want to tag me instead of yourself so I actually get the notification ;)
Also, if you measure the fib on my 3rd wave, the 4th retraces back to the .382 which is textbook for a 4th wave retrace. We shall see what happens.
MysteriousPersian
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@ZackMichael, elliot impulse waves happen after consolidation not retraces. hence why believe your 3,4,5 waves are misplaced
ZackMichael
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@TristanKhanizadeh, Elliot cycles only follow consolidation when there happens to be consolidation before the Elliot cycle lol. It's very typical for there to be consecutive Elliot cycles without consolidation.