Rigetti Computing hit target, what is next?
|RGTI has risen rapidly in value in recent days attracting the attention of investors. Here we have the 15-minute chart. Applying the Elliott Waves principle, the stock should find support in 5.89 – 7.07 area to complete a wave 4. This would generate a new rally on wave 5 that could reach around 8.94 – 10.25 or extend higher.
RGTI 15 min chart 12.11.2024
In any case, as long as the market respects the 5.89 – 7.07 area, RGTI must continue with the upward movement and break above wave 3 to reach at least 8.94 – 10.25. If the market closes below 5.89, it would open the possibility that the value of the stock will drop to 4.00 before looking for another move higher.
RGTI five min chart 12.11.2024 (market closed)
RGTI found support at 5.78 low and rallied. From here, we are looking to build an impulse structure as wave 5. Wave ((i)) could be completed already and while the pullback as wave ((ii)) is above 5.78 low, RGTI should continue higher. The target for this wave 5 comes in 9.11 -10.14 if there is not more extension in the rally.
RGTI 30 min chart 12.20.2024
We can see in the chart how was the formation process of the impulse as wave 5. Wave ((ii)) did an expanded flat correction that was very deep, almost breaking the invalidation price. In the rally, we see 5 waves reaching the expected zone of 9.11 – 10.14 completing wave ((iii)). This should have given us a clue that the market still needed one more high to finish the wave 5 impulse. And so it was! After the correction of wave ((iv)), Rigetti built an extended wave ((v)) to finish wave 5 at 12.75 high. The truth is that I would not have considered an extended wave ((v)), I would have considered a value of 11.05 to complete wave ((v)).
The rally also completed wave (3) and the market reacted downwards returning to the support zone of 5.78 – 7.07 finishing wave (4). As long as the market does not close below this area, RGTI should continue to rise in the short term. With a close below this area, we must reanalyze the market structure. For now, we should focus on looking for more bullish movement that reaches the 14.34 – 16.85 area, if there are no further extensions, to finish wave (5).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.