HVT: Extended Correction

Observations

• Lots of MJ stocks following the same correction path. Extended correction through an ABCDE wave pattern.
  
• Charts still bearish as 55 EMA is above the other EMAs on 3h timeframe. Price trend also well below 55 EMA.
  
• RSI is also downtrending making lower highs.
  
• Continued pressure across the stock market (i.e. Dow Jones Index is still looking to correct further)
  
• Keep a close eye if it breaks down further. Possible buy zone at the previous low of $0.99 and 0.786 fib level (i.e. $0.86)
  
• A significant break above $1.35 and 55 EMA support would be good indication of an uptrend to a possible impulse wave.
  

Disclaimer
For informational purposes only and not deemed as financial advice.