GW Pharma due for rally

Jun 8, 2017 - 11:45 AM EDT

Since Oct 2016 GWPH has held a nice abc flat consolidation now reaching the 76.4% Fibonacci retrace level of the rally off the Aug 2016 low. This can complete a 1-2 subwave setup inside a larger intermediate degree (3).

Based on larger degree "Fibonacci PinBall" that (3) targets the 100% extension (green Fib lines) of a larger Primary degree wave 3. Based on that larger count it is very likely that the minor degree wave 3 inside (3) extend past "normal" fibs at that degree to head toward the 280 region.

If support is going to hold here in the 95/94 region we are looking for the first signs of wave i of 3 starting targeting the 130s as a smaller 5waves up.

Avi Gilburt is founder of ElliottWaveTrader.net.

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