Yes Marijuana Stocks have Cycles and I took some nice profits yesterday and the remainder today near the open. Here is an update for the sector that I posted on my site last night before today’s news came out… (Note: Yesterday I took profits on half my position in Emerald Health EMHTF at $6.53 and the cycle high, thus far, was $6.62)

While Elliott Waves are not my specialty, I do believe in them and use them in my work. Here are three charts showing 2+ year weekly patterns that sure look like Wave 5 up is currently in play. Note that volume is actually declining as we are moving into the current high and that the RSI on the weekly on all three is in the nosebleed section.

Lastly the current move is Parabolic in nature and similar to what we saw in the Wave 3 Tops. Note how the RSI back at the Wave 3 tops was also very high. This is one of the reasons I took some chips off the table yesterday.