3-3-5?

Ive considered many times that the all time high of $44 may have been wave 3 , however there is also the possibility that we are now in wave C of a flat correction. I would like to quote from the Elliot Wave principle book " Since the first actionary wave, wave A, lacks sufficient downward force to unfold into a full five waves as it does in a zigzag, the B wave reaction, not surprisingly, seems to inherit this lack of countertrend pressure and terminates near the start of wave A" . As some other MJ stocks have done more zigzag patterns ,WEED did not. To me it seems to be fitting the shape of the flat correction as we see here. This is how i interpret the possible outcome nothing is set to scale.

Commentaire:

It is possible as of now(june 22) that it may be an Expanded Flat. "In expanded flats, wave B of the 3-3-5 pattern terminates beyond the starting level of wave A, and wave C ends more substantially beyond the ending of level of wave A."
If the above correction fails to play out, I will assume that my label of wave 5 was actually wave 3.

Commentaire:

I maintain the wave leading up to the high of 48.72 was wave B . Looks like C wave incoming