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Cannabis Growth Opportunity Corporation (CSE: CGOC)
Cannabis Growth Opportunity Corporation hereon referred to as CGOC is a company that self-describes their investment approach as: “We build and actively manage a diversified portfolio of public and private holdings designed to minimize risk and maximize long-term growth.” This is pretty interesting in itself as they hold both Canadian and American companies both publicly traded and privately held, thus helping you avoid diversification within the cannabis space. While CGOC may not currently be sought after by investors as much as ETFs such as Horizon’s marijuana life sciences ETF there is plenty to like about CGOC and what potential they have. And like any other potential publicly traded investment we should always consider what is happening on the chart.
Today we will try to simply as much as possible the Elliott Wave Theory. Note that there is much more to the Elliott Wave Theory than we will be presenting to you, but we just wanted to help get your toes wet. In a nutshell, this theory states that there are ebbs and flows in clear trends within a chart. Patterns can be found in clear trends that is. Note that these patterns can be either bullish or bearish and can apply both ways. Also, note that there are different degrees of the patterns and that there can be patterns within the patterns. So whether or not you are looking at trading on the one minute candle or looking at weekly chart patterns lets touch on the basics. You will have a trend (in this case downwards), within the trend you will have impulse waves that go in the direction of the trend aka 1, 3, and 5 on the CGOC chart. Within the impulse waves, are corrective waves aka 2 and 4 on the chart. Ater this pattern has played out (the end of 5) there is typically a corrective series of waves in the opposite direction of the prior trend, labeled as A, B, and C on the chart. While the pattern can be flexible and open to