HMMJ: Extended Correction

Observations

• 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.

تعليق:

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.