I Would Like to Revisit $GRWG

It has been a while since I have visited this stock. The last time I did, I identified a potential bull flag up at the highs late last year, but as that structure failed to produce a rally, I retracted that call about two weeks later. That was fortunate, as the stock has just completely fallen apart ever since.

I have taken the time to recalculate the fibs as it stands here, and it appears to be in a very large a-b-c corrective structure (in yellow) that will span years. I believe we are now in the cycle (yellow) “b.” Within that yellow “b,” it seems to me that we have probably completed pink A, and are in pink B now. And within that, I suspect we may have a rally ahead of us. Because the price range is so extreme, I have selected the lowest fib (23.6% retracement of the decline) which also coincides with an Orange A to Orange C relationship as a potential target. That will also take us to an area of a prior consolidation (the orange box in the middle of the chart).

So, after such a long and harsh decline, it would make sense for this to see some relief, and so long as the low at Orange B holds, it may produce a rally into next year.

GRWG


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