I am going back on forth between two counts, both bullish for the time being. It is all about how wave 1 completed. I have readjusted wave 1 as leading contracting diagonal which has several impulsive moves but still in 3 waves, making things very difficult count. The May low is deep enough to be wave 2 following the diagonal. Wave 1 of 3 started off strong but the June dip was a bit too deep. Now, it is do or die time. We want to see a very strong wave 3 of 3 holding the narrow and steep channel to the outer edge of the macro downward channel. That will be the true test of the bull market. If RIOT has any chance of breaking out of the rut, it needs to have a short wave 4 and then try for a clean break. Even then, the entire move since April low would be in 3 waves. For the rest of the summer, we need to see if the price dips back into the channel or gets support on top of it and makes the final move up to give us a clean 5 waves move. By the end of this year, overall markets should also top out for the cycle and head for wave 2 of various degrees. 2026 should be very interesting if the rest of 2025 stays with the current trajectory. For now, staying long until something happens.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.