CGC $12-$13 Bottom
Been calling $12.5 for a couple weeks now, and a few things making this setup perfect.
1. It's reaching this level in extreme oversold conditions
2. Overall market on fire at ATH rn.
3. Santi Claus is coming?
Looking for a really nice monthly bounce. Below are my targets, and whether or not I take profit at 1 or 2 depends on how we get there.
Target 1 = .382 Fib of the drop from ATH ~ $23
Target 2 = .5 Fib of the drop from ATH ~ $27
Target 3 = .618 Fib of the drop from ATH (Main Target) ~$33
Risk:
Will be scaling into OTM APR options to maximize my R/R, and taking on 100% risk, as I am confident we WILL get a bounce at some point soon because of how extended we are. Wheter it's $13, $12.5, or even $10 it doesn't really matter, I'll just have to lower my targets.
GL to all my MJ bulls. Better days ahead.
-ill
1. It's reaching this level in extreme oversold conditions
2. Overall market on fire at ATH rn.
3. Santi Claus is coming?
Looking for a really nice monthly bounce. Below are my targets, and whether or not I take profit at 1 or 2 depends on how we get there.
Target 1 = .382 Fib of the drop from ATH ~ $23
Target 2 = .5 Fib of the drop from ATH ~ $27
Target 3 = .618 Fib of the drop from ATH (Main Target) ~$33
Risk:
Will be scaling into OTM APR options to maximize my R/R, and taking on 100% risk, as I am confident we WILL get a bounce at some point soon because of how extended we are. Wheter it's $13, $12.5, or even $10 it doesn't really matter, I'll just have to lower my targets.
GL to all my MJ bulls. Better days ahead.
-ill
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