WEED Fib Retracement
First chart ever, so take it easy on me. I'm looking at the Fib levels for the crazy run-up WEED saw around the new year. It seems we tested the .382 multiple times before ultimately falling through, and it is now acting as resistance. We've seen several tests at the .5 level and I think we will fall through and have to test the .618 level as well.
The dotted green trend line shows where we would be if we had continued on the trend since last year's major consolidation, prior to the big runs we started seeing in September and then the huge ones in November and December. This line ultimately converges at the .786 Fib level in June, which incidentally is about the time the consolidation ended last year after similar bull runs around the new year. I don't think it's unlikely to see WEED trading near $15 again before legalization hits, and then let the bulls take over in the month or so prior to the big event.
I'm certainly not encouraging anyone to make any decisions based on this. Just an idea.
Reposted several times as I'm still trying to figure out the ideal display so the chart's not so cluttered. Sorry about that.
The dotted green trend line shows where we would be if we had continued on the trend since last year's major consolidation, prior to the big runs we started seeing in September and then the huge ones in November and December. This line ultimately converges at the .786 Fib level in June, which incidentally is about the time the consolidation ended last year after similar bull runs around the new year. I don't think it's unlikely to see WEED trading near $15 again before legalization hits, and then let the bulls take over in the month or so prior to the big event.
I'm certainly not encouraging anyone to make any decisions based on this. Just an idea.
Reposted several times as I'm still trying to figure out the ideal display so the chart's not so cluttered. Sorry about that.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.