Can elliot wave theory be applied to RSI?
Trade closed: target reached:
If mana continues, it could look something like the pink wave, if not, expect it to come back down to the light blue wave.
Trade active:
Update: We've touched the ABC retracement on the above chart. I've updated the chart and added a WXYXZ correction, similar to the chart on SAND we have a possibility to go lower into the .382 fib levels. The updated chart is a bit more cleaner and the white squiggly line is what might play out. I'll update after we get a clearer picture of where mana is going. Either we move up from here or go a bit further down.