Done? Option 1 says it is not done. FB between wave (iii) Red and (ii) Red gives a (v) Red of $57.90. Option 2 assumes wave 3 is done at today's top of $45.99. Opt 1 and 2 assumes a 0.618 FB Retracement for wave 4 (Blue). Option 3 for wave 4 (Blue)assumes filling of the lowest gap with a FB Retracement of 0.77
See the setup for a bullish scenario with pullbacks possible to cover previous gaps up, creating buying opportunities. Often times the gaps in price action will have a tendency to be covered by future price action. These areas act as support and resistance and magnets for price action to retrace and afterward continue the underlying trend.
Look for the early sell-off and wait for consolidation with volume to confirm a move.
A Few Factors to Consider
- overbought RSI
- low volume support end of day
- Price sitting right under HVN
- Well above VWAP and Weekly VWAP
If stock pushes past 22.05, prepare for massive sell-off wih a resurge. As always, use volume to confirm a push to the up or downside...
Chart looks pretty bad here. Loot it up elsewhere for a better idea on how it looks. The dynamic resistance is actually closer to the price. I do not recommend to hold that position for too long. NASDAQ : RIOT
This company RIOT BLOCKCHAIN INC (NASDAQ:RIOT) is "Blockchain" for Cryptocurrency and it is on the move.
There is a "Riot on this Blockparty".
This stock is coming from $4 in September and hit $9 in October , within months as it started to get going.
It is steady on the move and has hit up to $16 on November 22 and after hours it is still going up to 17...
RIOT has broken out of a descending triangle after consolidating for a few sessions. RSI has broken out of a downtrend as well. MACD crossover is bullish. Bitcoin prices providing a tailwind. PT $9
