Marijuana Stocks Running, is BLO next?Marijuana stocks have been ripping lately.
There's a correlation between MSOS and Cannabix Technologies.
Will the next boom happen with the marijuana breathalyzer stock?
BLOZF trade ideas
BLOZF ShortBLOZF is currently playing out a triple three retracement (not pictured) - the yellow ABC correction is the final correction in the pattern, which looks as though it will complete a running flat (3-3-5). Wave B retraced already to roughly 90%. It is now on its 5 wave impulse down to complete the C Wave of the ABC correction. Within that 5 wave impulse, a triangle has formed on Wave 4. I expect the triangle to end between roughly $0.50 and $0.53, before completing it's 5th wave down. The first target for the end of Wave C is $0.43, which would be a 0.618 fib extension of Wave A to Wave B. The second target is $0.28, which would be a 1.236 fib extension of Wave 1 to 2 (within 5 wave impulse down). The third target is $0.20, which would be a 1 to 1 fib extension of Wave A to Wave B.
After completing this final ABC correction, and completing the longer triple three retracement, BLOZF is to the moon (targets TBD).
Stay tuned. Happy trading.
$BLOZF - MJ ain't no bullInverted hammer completely submerged below the lower bollie makes for a great entry in anticipation of a reversal. Hasn't been this low since late 2018, and likely shouldn't see any lower lows. Keep an eye on this one come Monday....mega oversold as RSI dips nearly off of the chart. I don't believe I have seen an RSI on a daily this low. Do your DD, as I have no clue as to why this has dipped to such extremes.
