Marijuana Stock APHRIA (NYSE:APHA) Ending Correction

APHRIA is a Canadian cannabis company (TSX:OTC:APHA) and in November 2018 it was listed in New York Stock Exchange. The company is as a leader in the production of pharmaceutical-grade cannabis and also produces a range of marijuana and cannabis oil products.

In 2018, Aphria stock took a big hit with a 75% decline as world stock market struggled during the whole year with majority of stocks correcting multi-year cycles. However, with every correction it comes a new investing opportunity and APHA has a clear technical structure providing a clear path.

APHA decline from 2018 peak is in 3 waves ( abc ) which represent an Elliott Wave corrective structure called Zigzag. The measured target for wave c is at 100% – 123.6% Fibonacci extension area $4 – $0.96 which the stock already reached. Therefore, a final leg lower may or may not happen at this stage to end the entire correction before the stock either start a new bullish cycle or bounce in 3 waves at least.

Aphria APHA Weekly Chart

The blue boxes in the above chart is a High-frequency area where Market are likely to end cycles and make a turn. Consequently, it can be used to take position in favor of the main trend which is in the case of Aphria to the upside as the previous cycle was an impulsive 5 waves advance. 2019 can be a good year for Marijuana stocks at least for a recovery against 2018 decline.

What other cannabis stocks are you guys looking at?

As far as I see marijuana becomes more popular day by day. No wonder why. This stuff is good for health. If you use it wisely, of course. Overdose of THC and CBD can cause health problems. I use CBD something like once a week. Sometimes I use it more often. Mostly it’s CBD gummies I buy from the internet. I need this stuff because of my sleeping problems and back pain. Also, I’ve discovered that it helps if you have a hangover. And that’s why I like this stuff so much.