CGC chart literally looked like a waterfall since it broke $1 support back in February. But, since Aug 29 after the US health department recommendation the stock along with all MJ tickers just shot up to the moon. But, here is my issue with the chart pattern: the move up from July 17 to July 30 is 3 waves. That makes me think this current price action is a corrective C wave of a higher degree wave 4. This idea would be invalidated if price goes above $2.16; the bottom of wave 1 of C of this downtrend. I am still thinking a lot of traders will get caught on this fomo while price will make a final wave 5 low. Need to keep an eye on RSI on daily and weekly to get a bullish divergence; lower low in price and higher low in RSI.
Right now I am short since $1.5 with stop loss on the latest high $1.92. If things go right, target would be $0.18. If I am wrong about this and this pump is real investment, then I will get stopped out and wait for wave 5 to complete followed by a 3 waves down. At that point might consider tying up some capital for a long wave 3 move with some insane potential. Might outshine crypto gains in the next 10 years....for now, one step at a time...
Right now I am short since $1.5 with stop loss on the latest high $1.92. If things go right, target would be $0.18. If I am wrong about this and this pump is real investment, then I will get stopped out and wait for wave 5 to complete followed by a 3 waves down. At that point might consider tying up some capital for a long wave 3 move with some insane potential. Might outshine crypto gains in the next 10 years....for now, one step at a time...