Marijuana Sector HMMJ.TO ETF --- Watch for topping soon! Break above 25 targets 66-100. Break below 16 targets 10-12

June 6, 2018: HMMJ.TO is an ETF basket for the Marijuana Sector. Here is my chart on the Elliot Wave Counts of this ETF.

In a nutshell, the rise off the last low seems to be choppy and weak, and it could well be a B-wave which should top somewhere between 18.9 and 22.5. IF it does turn down in this region and breaks below 16, then its likely to target the ideal wave 2 target between 10-12 region as shown. If price breaks above 25.5, its most likely on its way to 66-102 region.

But, my primary expectation is that there is first a downturn coming -- after all, when everyone is bullish, the markets rarely comply. When most participants have given up on this sector and despite all the wind in the sails, the price doesn't take off and rather does the opposite, which would be if we get a downturn to 10-12 range, then that would be a gorgeous buying opportunity for a nice trade. SO for now, I prefer to wait and watch!

More information on Yahoo finance for this ETF (https://ca.finance.yahoo.com/quote/hmmj.to/) shows this as the standard view.

Hope this analysis was/is/will be helpful!

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