RIDI Elliott Wave: Navigating Wave 4 Triangle

"RIDI in wave ((iv)) triangle, expecting shallow correction to 339-368 range"

Signal: neutral

Current Elliott Wave count: Wave 4th

• Preferred levels:
• Support: 368-339
• Resistance: 415
• Breakout: 415

In RIDI, we're likely navigating the ((iv)) wave, which is expected to consolidate into a triangle or possibly a flat correction. Given that the second wave had a deep retracement, the Guideline of Alternation suggests that the fourth wave should be shallow. This implies a correction within the 23.60%-38.20% range, which translates to 368-339. So far, the stock has corrected within this range, and we're waiting to see if it will consolidate here or break out. If it breaks out above 415, we may either witness a flat correction or the onset of the ((v))th wave, potentially driven by a strong third wave. However, if RIDI continues to trade below the 38.20% level, we may need to reconsider our count and explore an alternative 1-2, 1-2 series scenario.