RIOT, Wave III or wave B?

is following Bitcoin down this morning after hitting my take profit #1 target in the High Volume Node resistance, $18.7. Stop loss is at break even to protect the win as part of my strategy.

Th Elliot wave now looks like a III wave ABC corrective structure that completed a larger wave B of II, bringing my wave III analysis into question, keeping wave II alive. Price is about to test the 200EMA, another long area for one of my strategies but I'm being cautious during these turbulent markets.

Daily RSI reached oversold and is slowing coming down the speed of adjustments suggest a bear trend is in tact.

Continuing above $19 keeps my wave III count alive but lowing the 200EMA suggests we visit the golden pocket in wave II at $10. Not ideal for the bulls. At this point we should see a strong reaction as wave III kicks in.

Safe trading.

Maddox_Metrics

🎓 Behavioural Economist (PhD)
📈 Trader / Investor 15 years
👑 Unlock my trading plans: tradingblueprints.substack.com
🏆 Market Psychologist Newsletter: marketpsychologist.substack.com

Auch bei:

Verbundene Veröffentlichungen

RIOT Short-term analysis | Trading and expectations

von Maddox_Metrics

Haftungsausschluss

Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.

Maddox_Metrics

🎓 Behavioural Economist (PhD)
📈 Trader / Investor 15 years
👑 Unlock my trading plans: tradingblueprints.substack.com
🏆 Market Psychologist Newsletter: marketpsychologist.substack.com