This is a setup I have been watching for quite some time now. If you blink at the wrong time, you'll quickly realize why.
To me, ACB looks to be in a gigantic inverted head and shoulders pattern, with the right shoulder being close to completing. (Assuming the 5-3-5 pattern shown on my recent TLRY idea is correct, anyway.)
The accumulation phase for the right shoulder has been in progress for over 7 months. This is a *very* big right shoulder.
To give you an idea of how explosive this move for ACB could be, let's take a look at something I personally experienced: Bitcoin!
At the beginning of 2019, Bitcoin formed an inverted head and shoulders pattern.
-The left shoulder took approximately 3 weeks.
-The head took approximately 1.5 months.
-The right shoulder took 37 days. For Bitcoin, that is a very long time. Clearly, the right shoulder was extended for accumulation purposes.
Bitcoin went on to have a serious parabolic move from $4k to almost $14k after that pattern completed.
Since I began my painful journey in trading/investing, I have only seen less than a handful of right shoulders extended like this.
In ACB, we are staring at a right shoulder that has taken over 400% more time for accumulation than the one in Bitcoin did.
Imagine...
The neckline for this pattern resides at around $19. Considering that fact, traditional TA suggests two measured targets for this move.
If we measure just dollar amount, we get a target of $33.88.
If we measure percentage amount, we get a whopping $89.82.
This move may take some time to materialize and there is a strong chance there is still downwards momentum yet to come considering trend line resistances in both price and RSI.
The micro picture suggests however that this may be the very very beginning of this move materializing.
WHEN the right shoulder is complete, expect a very high volume and extreme move price-wise to the upside. This move will likely come with strong bullish news.
To me, ACB looks to be in a gigantic inverted head and shoulders pattern, with the right shoulder being close to completing. (Assuming the 5-3-5 pattern shown on my recent TLRY idea is correct, anyway.)
The accumulation phase for the right shoulder has been in progress for over 7 months. This is a *very* big right shoulder.
To give you an idea of how explosive this move for ACB could be, let's take a look at something I personally experienced: Bitcoin!
-The left shoulder took approximately 3 weeks.
-The head took approximately 1.5 months.
-The right shoulder took 37 days. For Bitcoin, that is a very long time. Clearly, the right shoulder was extended for accumulation purposes.
Bitcoin went on to have a serious parabolic move from $4k to almost $14k after that pattern completed.
Since I began my painful journey in trading/investing, I have only seen less than a handful of right shoulders extended like this.
In ACB, we are staring at a right shoulder that has taken over 400% more time for accumulation than the one in Bitcoin did.
Imagine...
The neckline for this pattern resides at around $19. Considering that fact, traditional TA suggests two measured targets for this move.
If we measure just dollar amount, we get a target of $33.88.
If we measure percentage amount, we get a whopping $89.82.
This move may take some time to materialize and there is a strong chance there is still downwards momentum yet to come considering trend line resistances in both price and RSI.
The micro picture suggests however that this may be the very very beginning of this move materializing.
WHEN the right shoulder is complete, expect a very high volume and extreme move price-wise to the upside. This move will likely come with strong bullish news.
Yorum:
Both TLRY and ACB in my opinion are showing reversal signals. Especially ACB considering price is currently re-testing a broken diagonal resistance. Price has also been testing around the $5.30 support zone. The $5.30 area was a very very strong pivot zone in the early days of this stock. Price also made a *very* distinct and clear inverted head and shoulders pattern as well, with the left shoulder having had a massive reaction to this area. The telltale sign that this is a legit inverted head and shoulders pattern is the volume in the head:
When the weed sector 'ignites', it will do so with some serious, serious power. The prices we are seeing right now in TLRY and ACB especially will likely not ever be seen again.
Both TLRY and ACB in my opinion are showing reversal signals. Especially ACB considering price is currently re-testing a broken diagonal resistance. Price has also been testing around the $5.30 support zone. The $5.30 area was a very very strong pivot zone in the early days of this stock. Price also made a *very* distinct and clear inverted head and shoulders pattern as well, with the left shoulder having had a massive reaction to this area. The telltale sign that this is a legit inverted head and shoulders pattern is the volume in the head:
When the weed sector 'ignites', it will do so with some serious, serious power. The prices we are seeing right now in TLRY and ACB especially will likely not ever be seen again.
Yorum:
$5.30 support zone has been tapped.
Small wedge broken to upside as well.
Crazy RSI divergence with price.
TLRY just had earnings today and it was a beat.
Small wedge broken to upside as well.
Crazy RSI divergence with price.
TLRY just had earnings today and it was a beat.
TLRY publishes earnings next week and rumor has it they're suppose to be strong.