RIOT's bounce off support lends toward interpreting the latest decline as an Elliot Wave 4. That's because one of the rules is that Wave 4 does not decline past Wave 1's peak.
If we zoomed in, Wave (v) of 3 in this chart also has 5 clean subwaves, with 4 testing the top of 1. Elliot Wave could be accurately mapping the emotions behind traders on this stock.
I will wait to see support gets tested again. Another day of Bitcoin consolidation could do it. With such a dangerous stock, I have to wait for better risk-reward. Feels good to be alive, doesn't it?
A gap fill tomorrow could also be bought with a tight stop.
If we zoomed in, Wave (v) of 3 in this chart also has 5 clean subwaves, with 4 testing the top of 1. Elliot Wave could be accurately mapping the emotions behind traders on this stock.
I will wait to see support gets tested again. Another day of Bitcoin consolidation could do it. With such a dangerous stock, I have to wait for better risk-reward. Feels good to be alive, doesn't it?
A gap fill tomorrow could also be bought with a tight stop.
Comment:
Bitcoin showed impressive strength in the face of stocks. RIOT's chart now has a 3 day flag with convincing U-shaped bounces.
Trade active:
I went long at 15.53 with a stop under 14.7, or breaking back below half the flag. A stop under the flag would be safer. However I am an irresponsible gambler whose position size is too big, thus forced to have a tighter stop.
I went long at 15.53 with a stop under 14.7, or breaking back below half the flag. A stop under the flag would be safer. However I am an irresponsible gambler whose position size is too big, thus forced to have a tighter stop.
Comment:
Backtest complete, and Cryptos are rallying. Looking good, would move stops up to below backtest.