ACB, how deep will it pull back, 10.75?
Updated
Well the pot stocks like these equal measured moves, and that would put us in the 10.75 territory, if this is the top and we are seeing a trend reversal.
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That was an interesting bounce off of Fib 618 support, today. I am telling myself;
Be patient, wait for the extremes. Don't give back your recent profits too quickly, or at all. :)
Order cancelled
I am watching this huge indecision candle form for the week. The market doesn't know what it wants to do. Buyers and Sellers are pretty split. Consolidation is fine. But I can't make any money in that condition, so I will just be patient and wait for something to take advantage of. Maybe something on teh lower timeframes for scapers and day traders. I am trying to cut back on my trading, and only take the best of the best. This isn't a game of chance, its a game of odds, and like to stack the odds in my favour whenever possible.
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Scenario 1; The week ended down from where it started , as a bearish indecision candle. RSI suggests a sell off is coming. Maybe a bounce to test the high, form a double top and roll over.
Possible Trend Reversal setting up.
Scenario 2 ; Consolidation between 12 and14. Doesn't crack 16 until after Christmas. Year end sell off is coming. Funds sell off, year end bargin hunters push it back up.
Consolidation in a 3 dollar range. 11.50>14.50
Scenario 3: looking at the daily, its a double pullback, as long as we don't close below the EMA26 on the daily, we are still in a bullish trend. If you can afford to get in at this price, then you could take some daily swings.
Volatile Bullish Trend Continuation.
Scenario 4 - Some news drops, or quarterly earnings are announced. Which throws in new volatility.
For now, I am staying out, watching price action to tell me if I want to get involved.
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Rally to 13-.13.50 next?
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