How do you like this wild ride so far? Well remember it well as it can disapear just as fast. If I had the free money to short this, I sure would try and do so. Vertical runs like these just don’t last, even the open gap tells us so. I don’t know if there is an options chain on this or not but I will look into it. These wave positions are experimental as I applied diagonal wave counting methods to it, but on a much smaller scale. Gold could look like this sometime in 2019, so we sure don’t want to miss that party!
This has all the makings of a potential zigzag crash and HMMJ could start a long 5 wave decline and crash to major lows. If this happens, then I will try and be a buyer as close to the bottom that I can. My priority are the gold stock ETFs and their larger trends.
I have to check in my records but my collection of any Gold/Hmmj ratio has just started. Today this ratio is 55.33:1 measured at a high point. If this ratio has any merit with HMMJ then we will find out, as this ratio should expand by a wide margin. I think demographics and secure jobs can drive the Hemp industry cycles. Also it would be interesting to see if solar cycle #25 drives any marijuana price cycles.
The big wedge I show is it an illusion or is it real? I consider rising wedges extremeley bearish and third on my list of importance. No bottom trend line will hold against a big impending bearish move. Either way, it looks like a very interesting set-up to keep tabs on.
In reality I no longer have to fill out any wave counts until we get to the bottom. If there is enough mainstream news coverage of a future hemp industry crash, then pay attention if they all start to think alike, then they are mostly likley to be wrong and we can bet against them. I bet against the bullish wave counters every time as they are projecting the same trend as what they think they are seeing. Any crash can also take until the end of the year and then follow gold’s rebound as well.