I've been out of the Medicinal Cannabis market for about 4 months, after the inverse H & S pattern failed on the ETFMG chart (proxy for US Cannabis market).
However, I've noticed ETFMG is approaching the trendline from March 2020, and looks like hitting it around the end of the year @ ~$13.
See what historically happens around every new year on this chart...
The bounce was capped by the Covid Crash in 2020, but has otherwise been a very worthwhile proposition!
With 2 indicators coinciding... that is potentially a very strong bounce point.
I note that the overvaluations of ASX cannabis companies have come way down and many are trading at or below fair value, so an imminent entry would also make some fundamental sense.
