MARJUANA ETF - ELLIOT WAVE THEORY - UP AND AWAY
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EVE & Co is part of the Horizons Marijuana Life Sciences ETF ( TSX HMLSF ) SEE BELOW
Horizons Medical Marijuana Life Sciences ETF (HMMJ) or (OTC:HMLSF) is a Canadian ETF that tracks many of the common stocks in the sector. It only started in 2017, but from the 2018 peak there is a very clear Elliott Wave corrective "WXY" flat pattern. Top Cannabis Stocks
Off the December low is a clear impulsive 5-wave move up that has proportions in-line with being only the wave 1 of a much larger move starting. It is currently retracing correctively as an abc for wave 2 with support in this 20-17 region. The 3rd wave should head toward the 40s into 2020 provided support holds.
ELLIOT WAVE THEORY - VIEW VIDEO - LIVE CHART AND COMMENT
In the video above we discuss some of our picks within that sector with string setups for upside soon: Canopy Growth (CGC) should have at least one nice swing higher remaining for the c-wave of a fifth near the end of a larger Ending Diagonal structure.
With support extending from here to lower 30s but a normal target of 82+ for the (NYSE:C)-wave the Risk:Reward here on CGC is favorable 1:4. Cronos Group (CRON) while also in a larger Diagonal stucture is due for all of the fifth wave targeting 32+ (easily as high as 38-45+) from the 14-12 support region.
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Canntrust Holdings (CTST) has very thin data for parts of the larger Primary degree wave 1 but the consolidation off the 2018 high is very clean as an expanded flat implying that the underlying trend is very strongly bullish (b/c it stretched the (NYSE:B)-wave to a new high). Off the December low we have similar strong wave (1) and a nice clear ABC consolidation as (2) w/ support here in the 6s for a (3) of P.3 targeting 23-28. Hexo Corp (HEXO) mirrors CTST closely with the same expanded flat and 1-2 start of the third with the (3) of P.3 targeting 14.44 or 20.86.
Tilray Inc (TLRY) was a newer IPO that came on the scene with a LOT of hype but has since faded perfectly according to the Elliott Wave path we laid out for it.
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We pretty much called a top on it in September recognizing that the final extension of the initial five waves up from IPO was a non-sustainable blow-off top and based on our CABpIPO pattern were looking MUCH lower. In October as it was nearing the end of a B wave bounce we were able to narrow our projection for a C-wave down targeting the 40s, as that pattern as followed through we have continued to add more detail for specific bottoming targets. Even if just a larger corrective bounce again TLRY offers substantial upside potential, and the near 43% short interest could provide some serious fuel for a short squeeze.