Apostle re the good, bad & the ugly....
considering the strength of hands that are now in you may very well be right in re to .70's consolidation. the sustained injections of volume that came in today weren't sells. this still looks to have legs for another 1-3 days.
technically, my yellow flag today was blowing thru .69. That was a parabolic move on the fib pattern ive been watching closely.
the good: volume very strong w/ close at top of the bar. doesnt look tired yet & may have 1-3 days left. more news to come. Washington state legalization sector hype gets moving in May. That is getting closer and closer, so much so that a near term pullback late this week or next, is close enough to May to hold current strong volume support zones from tops of last week and today.
the bad: it went parabolic. fib wise, more then a 1 to 1.62 move. Most of the time, those patterns create reversals w/ strong pullbacks. at some point, im guessing the summer sell off of wash state legalization could create such a vacuum in the sector.
the ugly: reversals off parabolics can have a cratering effect. they seek out lower support zones w/ high volume. Imo you find that in the mid .40's. Once this sector decides to really cool off (again, i think summer time, post wash state legalization mojo), that high volume area back in early jan., in the mid .40's is vulnerable. unless phot can create more daily days of 150 million + volume.
dont take this as me being bearish on the stock longterm. as i stated we are probably strong thru june. thus, the pullback inbetween will probably seek near term high volume, .60's- .70's as opposed to jan high volume of mid .40's. However, when the sector has a big sell off, those mid .40's are vulnerable unless we come thru w/ somw 150 million volume days.
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