RIOT PLATFORMS, INC. (RIOT) – Elliott Wave Analysis | Daily Chart
Technical Analysis Overview – Trading Lounge
- Function: Trend
- Mode: Impulsive
- Structure: Impulsive
- Position: Wave {iii} of 3
- Direction: Upward movement toward Wave {iii}
- Details: Expecting a strong rally as Wave {iii} of 3 advances.
On the daily chart, Riot Platforms, Inc. (RIOT) is maintaining an upward trajectory, advancing in Wave {iii} of the third wave. A sharp rally is anticipated, potentially breaching prior resistance levels. Given that Wave {iii} is often the most extended in an impulsive sequence, a target near 161.8% of Wave {i} is likely. This setup presents a favorable short-term bullish opportunity within the current trend structure.
RIOT PLATFORMS, INC. (RIOT) – Elliott Wave Analysis | Weekly Chart
Technical Analysis Overview – Trading Lounge
- Function: Trend
- Mode: Corrective
- Structure: Impulsive
- Position: Wave 3 of (C)
- Direction: Upward move toward Wave 3
- Details: Following a breakout from the parallel channel, the stock targets Wave 3 of (C).
On the weekly timeframe, Riot Platforms, Inc. (RIOT) is developing within a broader corrective pattern. The current move is progressing toward Wave 3 of (C). After breaking above the parallel channel, the price has reached the 100% projection of Wave (A), a significant resistance area. This level may trigger a temporary top or consolidation. While the larger trend remains upward, traders should monitor key resistance zones for possible pullbacks before the next impulsive move.
Technical Analyst: Dhiren Pahuja
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