HMMJ Horizons Marijuana Life Sciences Index ETF Update

In the past month HMMJ has been on a rally that looks more like an inverted zigzag than the start of a new impulse set of waves. The bearish trend in HMMJ sure is starting to look like a 5 wave diagonal decline and if I’m right  we should see this rally die and then head south again. Another set of 5 waves down in Minuette degree should land us at a wave 3 in Minor degree.

Crossing the $14 price line by even the slimiest of margins is all we need to help confirm that the bearish trend is still alive and well.

I would not touch this ETF with a 10-foot pole until all reamaing diagoanls waves are show they are all played out.  If the impending decline turns into a wild diagonal then this will also help to confirm another “C” wave deline. So far this has not happend on a smaller scale, so maybe we’ll get lucky  and we get a pretty clean decline.

 

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