HVT: Extended Correction

  • Lots of MJ stocks following the same correction path. 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 $0.99 and 0.786 fib level (i.e. $0.86)
  • A significant break above $1.35 and 55 EMA support would be good indication of an uptrend to a possible impulse wave.

For informational purposes only and not deemed as financial advice.
Still on a bearish momentum as per moving averages. Looks like it hit the 0.618 fib level. I wonder how long it will sustain there for accumulation.
Great analysis though!!!
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