This HMMJ ETF is related to the marijuana industry and has little history since it only started in 2017. Last years bullish phase counted out as a near perfect wave 3 extended wave structure. We actually don’t know if this moon shot was a wave 3, but it sure looks like at this time. The $15 price level could still get retraced and we will find out how much that bottom trend line has sway over any bullish phase still to come.
Every bullish move needs a sufficient correction, and a real bullish wave count would turn this decline into a triangle. Yes, a triangle, It might not even slice through my bottom trend line, because the “E” wave has already advanced too far. Any real moves outside the bottom trend line, will force me to chuck the wave count into the trash bin.