Canopy Growth Corporation is a Canadian cannabis company producing medical and recreational marijuana. The company owns brands like Tweed, Deep Space, Wana, Vert, Spectrum Therapeutics and others. Founded 2013 and headquartered in Smiths Falls, Ontario, Canada, one can trade Canopy Growth Corporation under the tickers $WEED at Toronto Stock Exchange and $CGC at NASDAQ.
Canopy Growth Corporation Weekly Elliott Wave Analysis 09.10.2023
The weekly chart below shows the Canopy Growth Corporation stock $CGC traded at NASDAQ. From the all-time lows, the stock price saw an initial cycle higher in wave (I) of super cycle degree towards the all-time highs in October 2018 at 59.25. Within that larger cycle, the red wave III shows an extension beyond 2.0 as related to the wave I. The sideways price action from January 2018 to August 2018 might be seen as an Elliott wave triangle in wave IV. Then, a final thrust higher in red wave V took place.
From the all-time highs in October 2018, a correction lower in wave (II) has unfolded as an Elliott wave zigzag being 5-3-5 structure. First, 5 waves of red wave a have seen a low in March 2020 at 9.00. Then, red wave b has provided a connector towards 55.15 high. From there, red wave c has broken 9.00 lows opening up a bearish sequence. The target area for wave c is 6.31-0.00 blue box area. Now, red wave c shows 5 waves lower and has reached the weekly buying area. Even though it can still extend lower, it is the preferred view that blue wave (II) has found its bottom in July 2023. While above $0.34, next bullish cycle in blue wave (III) might have started and is currently in the initial stages. Target for blue wave (III) is 59.48-96.05 area and even beyond.
Canopy Growth Corporation 4H Elliott Wave Analysis 09.10.2023
The 4H chart beow shows first stages of the blue wave (1) of black wave ((1)) from $0.34 lows in more detail. Firstly, black wave ((i)) has ended on 31st of July at $0.58 highs. Secondly, wave ((ii)) has printed a low on the 17th of August at $0.38. Then, rally has broken $0.58 highs. Even more, break of $0.76 confirms black wave ((iii)) being the extended one within the impulse in red wave 1. As of right now, price went above 2.0x Fibonacci extension. Next target for black wave ((iii)) is $0.99 being 2.618x of the wave ((i)). Once finished, expect waves ((iv))-((v)) to end red wave 1.
Investors can be looking to buy Canopy Growth Corporation from 6.31-0.00 area targeting 59.48-96.05 area and even beyond in the long run. On the other hand, short-term traders should be waiting for the red wave 1 to end first. Then, they can buy $CGC in a pullback as red wave 2 against $0.34 lows in 3, 7 swings.
