NASDAQ:RIOT   RIOT BLOCKCHAIN, INC - COMMON STOCK
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.
Comment: Bitcoin showed impressive strength in the face of stocks. RIOT's chart now has a 3 day flag with convincing U-shaped bounces.
Trade active:

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.
Comment: Backtest complete, and Cryptos are rallying. Looking good, would move stops up to below backtest.

And your target? If you don't mind.
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tangman BarbaraLynnBacon
Hi @BarbaraLynnBacon,

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.
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@tangman, thx, I was already out with a profit. Was thinking of a re-entry, happy I didn't
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