I want to make a disclaimer before beginning my analysis. Argo Blockchain is highly dependent and volatile stock due to it being a mirroring stock on the price of bitcoin. If you are not able to take days or even weeks of uncertain volatility, please stay away from this stock. However, with bitcoin being at such a high and less volatile (percentage wise) asset, Argo gives you an opportunity for giant returns due to it being even now, undervalued in my opinion. This is because of my overall target price for bitcoin, which is around $150,000. Now, from the chart we can see that argo blockchain ran up very well from about 15p to 146p. This was due to the the rise of bitcoin primarily and some strong catalyst around the company. For the past week it has begun its sharp fall (Wave 2). Even though the decrease does look very strong, it is a good indication as wave 2 is often very sharp, especially due to the size of wave 1. I have found a good ending diagonal, with a visible 5-5-5-5-5 correction forming nicely along the trendlines. What I especially like, is that it correlates with my idea on bitcoin (which you can find on my page). Now once this wave 2 eventually ends, something that is unknown to me due to Elliot Wave having no time frames, applying a 1.618 extension of wave 1, gives us a price target of around 250p. A nice 400% increase on my perceived bottom of wave 2. On the other hand, a 2.618 extension, which I believe could possibly be more likely (but will take longer as I think it will require bitcoin to reach around $60,000) would give us a target price of 380p! An almost 700% profit. I am currently in on Argo, with an average price of 36p, so I can hold it for as long as I need, but if you too are interested in the stock, please wait for the right time, as it is very key to not rush into a trade and get the shares at a good price, minimising risk. I will keep you informed with the price action and I hope this was helpful. Please leave a like or comment so I know im doing a good job 😅
