HMMJ: Extended Correction
Observations
Disclaimer
For informational purposes only and not deemed as financial advice.
- Extended correction through an ABCDE wave pattern.
- Charts still bearish as 55 EMA is above the other EMAs on 3h timeframe. Price trend also well below 55 EMA.
- RSI is also downtrending making lower highs.
- Continued pressure across the stock market (i.e. Dow Jones Index is still looking to correct further)
- Keep a close eye if it breaks down further. Possible buy zone at the previous low of $16.53 and 0.618 fib level (i.e. $14.86)
- A significant break above $20.28 and 55 EMA support would be good indication of an uptrend to a possible impulse wave.
Disclaimer
For informational purposes only and not deemed as financial advice.
評論:
Price action has been fairly sideways over the past few days with indecision. However, we may see a negative impact to the price action tomorrow across the MJ sector due to the senate update around delays to retail sales (by at least a month). If so, this will follow the extended correction as indicated above.