catching a falling leaf pt.3
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How low it goes nobody knows... except I think TCNNF will bottom around $11-12. See wave count of what I believe to be an extended C wave and the 3 WXY waves I spot as subdivisions of the ending wave C diagonal. Each subdivision has Y being a measured move of W so expecting the same for (v) putting target at $12. Wave (iii) also cannot be shortest wave so wave (v) cannot exceed length of wave (iii) which puts a lower limit around $11... which happens to line up perfectly w/ the 50% retrace of the initial consolidation wave after IPO. (strong support level).
Of all cannabis stocks I believe TCNNF is the least reliant on legislation to pass (they've been profitable for quite some time now) so I think we'll get an idea of when cannabis stocks can be see as "value" regardless of legislation. I am still long term bullish on cannabis and will continue rolling into TLRY, CRLBF, MSOS, CRON, GTBIF, CGC, AYRWF as the market tanks. All it takes is a spark.
Of all cannabis stocks I believe TCNNF is the least reliant on legislation to pass (they've been profitable for quite some time now) so I think we'll get an idea of when cannabis stocks can be see as "value" regardless of legislation. I am still long term bullish on cannabis and will continue rolling into TLRY, CRLBF, MSOS, CRON, GTBIF, CGC, AYRWF as the market tanks. All it takes is a spark.
Note
Check out the double bottom that formed at the price target I outlined back in April... we've got some strong momentum as the rest of the market recovers. The volume still isn't quite there but IMO there will never be meaningful volume until the institutions are cleared to invest in cannabis (SAFE banking act where are u)I'm expecting a multi-week bullish surge to retest that orange WMA which is the top of the channel... but even in the best case scenario I see a retest of the $11 level but we might see $16+ first. Legislation is the only meaningful catalyst.
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