CRON Golden Cross SetupGreat uptrend with the golden cross setup. It is important to note that the sector is getting more attention.
CRON
CRON - ABC or 1-2-3?Bear count in red, bull count in blue. I'm thinking a buy around the gap close could be a reasonable try. Then look for an exit if it breaches wave 1 territory.
CGC Sell the News?I am selling my position today at opening. With Biden president elect, I think it is time to sell the news. Not in the least because it seems to open right at resistance, and the primary degree count shows we still need a 5 wave move down to complete primary wave 2, also known as the bubble correction.
I see the same for other assets I am holding (APHA, CRON).
APHA is looking more bullish than the others, btw. But never mind that now. Gaps to close! All sector.
$CRON following pattern very nicely, where to add?OK so another that took off on the buy the rumor is $CRON. Rumor has it with the results of the Presidential Election that the new Federal government will look more favorable towards cannabis and take it of the Schedule 1 drug list. As per our pattern, CRON got its wave 3 all the way to our wave 5 target around 8.13. No matters, extensions happen. If 3 is over, and we think it might be, then expect pull back towards the 6.45-7.00 level. That is our buy zone. If we get a shallower pullback (the market owes us nothing), then a sign of real bullishness. But if it follows our current levels and drops to our buy zone, then we expect a target for finishing wave I of 3 of 9 or higher. Keep it real folks, and mellow out.
CRON - No all bullishThough it all looks impulsive, I see too many signs of weakness. This would just be corrective bounce, still looking for a monthly lower low.
Lets see it break $6.80 and close above. Maybe that'll bring out the bulls.
Cannabis Market Reversal.So far so good.
The gains are holding, and day trade opportunities are everywhere in the cannabis show.
The blue wave has a lot to do with it. Imagine that a market with 300m people opens up and its ready to be taken....US legalization.
Technically, its good.
Good Bullish Trades!
CRON Into Earnings: Gamble!How much revenue this time? $11M? There are gaps to close, and resistance failed 3 times. I'm bearish here, but planning to buy the gap fills in anticipation of a bounce.
I will find an exit if it reaches below the invalidation line.
CRON - Pick Your SideStuck below key resistance. Bearish divergence on all time frames.
A break higher would be very bullish. A break down would also be bullish, but would offer a better entry.
#LEGALIZEIT $MJ ETF Daily ChartYou already know it... Holding the mj sector longterm & reinvesting dividends & diversifying in new canna tech businesses will = financial freedom ♾ might need another 10 years but well worth the wait later on!
JUST #LEGALIZEIT ~~~
BLAZE IT & reap in those extra tax revenues for schools, roads ect...
its just plain stupid for tax payers to continue to pay for incarcerated immates over a FKn plant that the good god put on this earth for a reason & has been used for thousands of years medicinally.
CRON longCRON hits the ideal retracement after a nice impulsive move up. So looking for the red pattern as primary....
CRON - Game On!Revisited this count and finally saw this ending diagonal. I am cautiously bullish here. Breaking above the trend line (breaking above $7) would be extremely bullish.
Scaling in from $5.50
Stop loss at $4.90
CRON Charging EnergyFantastic run up, and at the retest of upper resistance, made a higher high. I am currently leaning towards the bull side. We have just completed a wave 3 (or C), then made a higher high in a flat correction. Watch the levels closely, we could see continuation from here.
CRON Looking ImpulsiveI really like how this looks here. We may see a retest of upper resistance and a break higher. If this happens, we would be looking at the blue impulse wave.
If it doesn't break higher, we would be following the red ABC, leading us down from here.
I am leaning to the bull side right now, but we need bulls on the ball on Monday.
CRON Resistance About to be TestedYesterday I posted that my bearish count was invalidated, and it was. Zooming out, looking for clarity, I see a falling wedge that still would need one more low to complete.
If you know about the falling wedge, it is an extremely bullish setup. If we see rejection at the trend line today, place your orders at the gap fills and hold on tight.
As for my count, yesterday we made a C wave of a 3 wave move. If bulls can hold $5.87 and push into a higher high, the 3 wave correction (wave 4) will turn out to be impulsive, and that would invalidate this count.
CRON - Bearish Count InvalidatedPot industry pumps on Harris comments during debate.
Breaching into the territory of wave 1 invalidated my bearish count. I'm switching to bull.
Currently looking for a break above $6 with large volume, or gap closes down below. The current move looks impulsive, but could just be a WXY followed by 5 waves down. If it is impulsive, we should see a small correction before pushing higher.
Levels on watch.
remember Tilray? Looking good for a major bounce with daily bullish divs and corrective structure (looks complete). I still watch this sector because it attracts retail traders especially.
The entire MJ space looks about ready to get attention again, probably having to do with what some politicians will say regarding legalization.
Having said that, this is a bounce play. I don't think it will hold the gains. Please make sure you use stops in case this analysis is incorrect.
good luck
MJ- Cannabis stocks in the accumulation zoneACB, APHA, CGC, CRON, GTBIF, TLRY are in my Cannabis watchlist. I am bullish on APHA and GTBIF.
MJ is a more conservative approach to capture the gain with limited downside risk.
Ladder buy within the demand zone. Set the stop loss 10% to 15% below the demand zone for the swing to intermediate setup.
Cron Bottom Ready for Next Push Higher$CRON
Appears to have bottomed here and is ready for the next push higher.
This is our chart of the week for 8/31/20.
Cronos: some gaps to fillStill looking constructive here. looking for a bounce here and a move back over 6. would give a nice discount opportunity on Jan 2021 9C's $MJ $CRON.CA $HMMJ $HMMJ.CA
