IIPR is poised to dip into our blue Target Zone between $85.28 and $76.66 to settle the low of the blue wave (ii) and, thus, lay the foundation for the impulsive rise of the blue wave (iii). However, with a moderate probability of 25%, the price might also decide to head further south and breach the support at $69.08, pushing the turquoise wave alt.5 toward a new low.
Looking at the IIPR weekly chart, I see a clear bullish pattern playing out (in green).
I expect the price to break above the downward sloping upper trendline, and then retest the trendline for support, at which point we will really see the price make its upward move.
