Since the April bottom, RIOT moved up very nicely. Even since the May bottom, things were looking decent. However, the move since June 5th bottom even though we saw some strong moves, it ended up 3 waves move. Along with a lower low today June 13th, I am forced to change into my alternate count. I don't think we are looking at a series of 1/2 moves any longer. With BTC also stalling out, I am tracking the entire sequence as a leading diagonal structure. So, this means, the current correction might get deep. The first leg down has also been a leading diagonal, so I am expecting a sharp move up next week before resuming farther down. I have taken profit already and most likely take some more profit if market allows next week and have a stop loss to get kicked out if needed. I will look for opportunities along the fib retracement areas. Until $6.19 breaks, the bullish bias will still prevail. However, until the big bad downward channel is broken, bear case is not fully gone.
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