Last post on $TLRY was here, said it could continue lower for a while. It’s lost almost 20% since then. So far, so good.
But now, in several names (growth in particular), and market generally, I am detecting symptoms of total capitulation (weird near all-time highs, yeah?). Now, on this count, the intermediate (orange) 3-swing move looks probably done here. We got 5 waves for A in a leading diagonal, and the C requires another 5 waves (and could be an ending diagonal). So, we need 3 distinct lows and two distinct highs. And we’ve got all of that. Now, the whole A-B-C structure might just itself be an A of a much larger correction, but that won’t really matter for the time being. At a minimum, we would expect some kind of retracement of this entire correction, the whole correction now needs to correct (or outright reverse).
So, we may target the 50-61.8% retracement of the prior decline.
