Possible Wave 3 on breakout of wave 2 structure?

15 jul 2017

The Hydroponics Company FPO, which manufactures Medicinal Cannabis, seems to be ready to breakout of a wave 2 structure, where TDI shows the middle of the range band has just been passed, which most likely indicates additional moves downwards before a breakout of structure to begin a wave 3 impulse on the 4Hourly and Daily charts. Not enough price action exists for proper EMA analysis, however, I have chosen to use Support and Resistance to predict possible future movements and trend direction. The information that I have shows a wedge has been formed and a breakout occurred during the end of June where currently (in July) a wave 1 has possibly been completed as well as wave 2 correction.

It is in my opinion, based on technical analysis as well as fundamentals (which include Medicinal Cannabis licences being granted this month), that this stock would be good to LONG and hold either long term or exit on the top of Wave 5 structure.

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This chart analysis is only provided as my own opinion, based on my own analysis and comes with absolutely no warranty that this analysis is correct, whatsoever. Do not trade this chart if you do not have your own strategy. Trade only with your own strategy at your own risk. Plan your trade and trade your plan... and IF in doubt, stay out.

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