Canopy Growth (CGC) Update
Canopy Growth Activates Our Anticipated Fibonacci Retracement Zone
On March 17, 2026, we published our Elliott Wave analysis for Canopy Growth and outlined our expected Fibonacci retracement zone. We anticipated that the stock would form a lower low, breaking below the local support at $1.01 and thereby activating this retracement zone (https://icreatures.de/canopy-growth-cgc/).
Within this zone, we expect the market to complete its overall corrective phase, terminating dark blue wave 2 and regaining bullish momentum. From there, our primary outlook is a strong upward move into dark blue wave 3.
Currently, Canopy Growth is trading at $0.94, placing it within our Fibonacci retracement zone, which ranges between:
- 78.6% at $0.96
- 88.7% at $0.87
Our primary expectation remains aligned with the analysis we shared on March 27. However, as previously emphasized, this stock carries elevated risk. Should price action break below the Fibonacci zone, the market could continue into new cyclical lows.
Nonetheless, from our perspective, this retracement zone represents a key area for buying and accumulation, and we are positioned to act in line with our primary scenario.
If any structural changes occur, we will provide an immediate update.
Kind regards,
Monalytics
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