ABC, What Will It Be?
An enormous volume shelf is keeping it from dropping below $10, but internals are looking weak. We're below the MA50 hourly, we're below the MA200 daily, which is going to pose significant resistance. We're also below the daily EMA26.
The entire price action since August 3rd amount to two motive waves upward and one choppy wave down. They look like a textbook ABC correction to me, and their direction is always against the trend. This would imply that the trend is still down.
Here is a close up of the August price action:
Counting always becomes easier when more of the active waves are complete, and so it is always important to keep zooming out to look a the macro timeframe, to see if anything should be revised. The alternative count that I am suggesting here, would have a 2.1 FIB trend extension exactly at the gap close.
We'll see. Don't buy the top, buy the higher high. I do believe that CGC's crap numbers ruined the party here, and investors are cautious. Rightfully so! I'm thinking that ACB already went through everything that CGC still has to go through, in terms of reorganisation, and so I am intent to play ACB earnings in September. But that is a long way off still. I've bought some at the recent drops, and I will accumulate more if indeed it fills the gap below.
My point here being, if you are in right now, be prepared to potentially having to stomach another 30% of your position vapourising, and have the balls to buy the dip.
The entire price action since August 3rd amount to two motive waves upward and one choppy wave down. They look like a textbook ABC correction to me, and their direction is always against the trend. This would imply that the trend is still down.
Here is a close up of the August price action:
Counting always becomes easier when more of the active waves are complete, and so it is always important to keep zooming out to look a the macro timeframe, to see if anything should be revised. The alternative count that I am suggesting here, would have a 2.1 FIB trend extension exactly at the gap close.
We'll see. Don't buy the top, buy the higher high. I do believe that CGC's crap numbers ruined the party here, and investors are cautious. Rightfully so! I'm thinking that ACB already went through everything that CGC still has to go through, in terms of reorganisation, and so I am intent to play ACB earnings in September. But that is a long way off still. I've bought some at the recent drops, and I will accumulate more if indeed it fills the gap below.
My point here being, if you are in right now, be prepared to potentially having to stomach another 30% of your position vapourising, and have the balls to buy the dip.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
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