Elliot Wave Count & Targets RIOT

Updated

RIOt has great rally off the lows.
Favoring 1 last leg higher, however targets were reached.
We will see how the pullback plays out, if remains above the previous low of $5.16 where we labelled it as wave (ii), we can go long with a stop loss just below that low.
Theress 3 nice gaps clearly visible below , & ; so those are areas we can focus on for pullback target zone as we await for it to complete.

We're being VERY cautious at these highs as the rally is already over-extended (yes, still room for higher), but were also anticipating bears and sellers to take over to minimally retest the lows, if not resume lower, depending on how global/financial markets react over the next few days/weeks.

If you've entered a short from the highs, congratz to you, focus on taking profits in the - area and place a stop loss near the local high

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Alternative Count

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Alternative Count (less favorable) but can be possible:

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ABOVE SHOULD READ:

RIOT has great rally off the lows.
Favoring 1 last leg higher, however targets were reached.
We will see how the pullback plays out, if remains above the previous low of $5.16 where we labelled it as wave (ii), we can go long with a stop loss just below that low.

There's 3 nice gaps clearly visible below $9.00 , $8.00 & $7.00 ; so those are areas we can focus on for pullback target zone as we await for it to complete.

We're being VERY cautious at these highs as the rally is already over-extended (yes, still room for higher), but were also anticipating bears and sellers to take over to minimally retest the lows, if not resume lower, depending on how global/financial markets react over the next few days/weeks.

If you've entered a short from the highs, congratz to you, focus on taking profits in the $9.00 - $7.00 area and place a stop loss near the local high

Note

RIOT looking great, following EW projection VERY well. Wasnt perfect but the idea remained in tact, it held and en route to completing the sequence as we suggested.
At these levels, off the lows, you should have taken profits off the table with most of your position closed. Dont be greedy, focus on profits (its not a bull market until the lows have been tested successfully)
Our targets were calculated:
- fib extension based on wave structure and count
- fib retracement based on our wave count (0.236 to 0.382) minimally, and should not exceed 0.5 for the wave 4 count
- MA convergence lines is where price tends to come back to (not always but often)
-Unfilled gaps
...All these target ranges lined up in the same area, helping us to favor our target and our projections

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its possible we got one more leg left to complete, but all things considered, you dont want to leave more than a risk-free 'moon-bag' here for extra toppings if you choose to stay in, while entering here and now is a high-risk play but off avoiding it and looking to short it once it completes (or breaks down). We still see further upside, but risk to reward tells us to be cautious and stay away......the only successful trades and ''victory' are the ones where you secured your profits, until then it is not a victory.

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RIOT hit its targets as we projected.

Move down has started, however Im not fully convinced that the high is in, potential for another leg up. Gotta play safe!

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H&S playing out. Not to be overly bearish at the bloody lows, but I do favor some short term upside soon, as a wave 4 retracement (0.236-0.382, max 0.5 fib) before the 5th move down at rough target of $5.00 (based on H&S measured move)

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IF the retrace extends beyond 0.5 FIB or above the peak of proposed iv, or the peak of left shoulder (iii), we can favor the H&S invalidated and the move down was most probably a bear trap.
For now, we will await to see what happens before projecting bullish targets

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RIOT could still have 1 more leg higher to complete (whether its corrective rally or new bull leg, yet to be determined until the low is retested)
Regardless, the price action is still tradeable to bank more profits or create some low-cosr/risk-free moon bag positions

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The H&S pattern was clearly invalidated, the move down was a bear trap. SO now, the move up, its either a bull trap or another leg started.
Lets see if pullback comes back in 5 or 3 waves.
You'll have to establish a stop loss where the (iv) is shown above. If RIOT loses that support level again, then bounce was bulltrap and can expect a leg lower to retest support at the lows

CryptoHolix

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