HMMJ Marijuana ETF Update.


This marijuana related ETF is what I use to track the hemp related companies. Since its vertical move HMMJ has been in what looks like a correction. Sure, there may be more upside, but over all the marijuana market has been swamped with growers getting into the action. This has produced a legal marijuana glut in Canada and the wholesale price of hemp has been crashing for two years already. The best days are already gone even before they seemed to get going.

There is not much difference between the hemp industry in Canada and Bitcoins. We had our “Hemp Mania” blow its top earlier this year not that far apart from the Bitcoin Mania. The days of easy money are over, and it will take a considerable amount of time doing due diligence to figure out which companies still “may” soar!  I don’t have the time to do all that work, as I have my hands full with maintaining all my wave counts.

I kept the degrees small and started with a Minuette degree 3 wave zigzag, followed by two sets of 1-2 counts. The second 1-2 wave is two degrees lower, but I use that as if a wave 3 extension is coming. If this ETF deviates from its internal impulse structure, then this wave count will get instantly thrown out.

We may be in a triangle, but then we need three more zigzags to confirm it. In this potential triangle the second zigzag would also have to go much higher and add onto the “C” wave. At times there is very little difference between an “ABC” count and a “1,2,3” count, so we have to see if this scenario plays out.