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.
Komen
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Bitcoin showed impressive strength in the face of stocks. RIOT's chart now has a 3 day flag with convincing U-shaped bounces.
Dagangan aktif
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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.
Komen
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Backtest complete, and Cryptos are rallying. Looking good, would move stops up to below backtest.
That really depends on how Bitcoin performs. Theoretically, if crypto becomes the safe-haven play in these uncertain times, then a wave 5 in RIOT or any crypto would make new highs. But that's far from guaranteed. In fact it's probably wiser to wait and see if Bitcoin can break this downtrend line first.
BarbaraLynnBacon
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@tangman, thx, I was already out with a profit. Was thinking of a re-entry, happy I didn't