WEED is just shy of invalidating the bearish count (red). Things are looking bullish for WEED based on the blue Elliott Wave count. A three wave zigzag (A)-(B)-(C) completed in June and the initial build up of 1-2 waves is what we see now.Additionally, the changing to a negative social mood supports from a socionomic perspective the repeal of prohibition. This is apparent in the macro trend of legalization state to state in the US. Colorado's legalization as an example has increased state revenues, another factor that may sway more states to vote yes for legalizing marijuana. The growth opportunity and bullish sentiment for weed has lots of upside for higher highs ;)
The first buy signal, a break and close above the wave 1 high is in. The next confirmation/buy signal is the break and close above the wave (1) red low. This is currently key resistance to break. After we could see price pull back to the current levels but the break and close above the red dashed line will confirm the blue count is underway.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.