Elliott Wave Analysis of Tilray (TLRY)

Marijuana stocks have been all the rage the last few months, once such stock is Tilray. The advance from the Jul 2018 lows appears to count as a completed impulse wave. There is a clear 5 wave move at the moment, so if any upside stays below 127.32, then there is a strong setup for a potential move lower to correct the advance. A 3 wave decline towards the prior 4th wave is a good target around the 70.00 area, so thats a fair size retracement, but nonetheless a pullback is favored against 127.32.

The large RSI divergence with the last high is a good sign the move into 127.32 is a 5th wave of an impulse wave as I am currently counting.

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The content of this website is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the website. The information expressed within the website is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Members are strongly urged to consult an investment consultant before making any financial decisions or investments.

Futures trading in stocks, Forex and commodity markets carries a high level of risk and past results are not indicative of future performance, trading may not be suitable for everyone. Information supplied maybe copied or reproduced with the permission from the owner, providing that the full attribution is given to the original source and have the acknowledgment of wavepatterntraders.com or its owner.

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Elliott Wave Analysis of Tilray (TLRY)

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