Riot Platforms, Inc. (RIOT) Elliott Wave technical analysis [Video]

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

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.