$RLC Stop Loss Hit — But Is a Deeper Correction Still Coming?
The previous RLC setup was invalidated and the Stop Loss (SL) was triggered.
Transparency matters to me, so I will continue reporting both successful and unsuccessful setups exactly as they happen.
RLC had tested the key $1.15 trading level several times, and the earlier rejection even created a Bull Trap. However, the latest price action invalidated the short-term bearish setup.
From an Elliott Wave perspective, RLC still appears to be trading in an important area after potentially completing a 5-wave impulsive structure.
This means the possibility of a broader corrective phase should not be ignored.
If sellers regain control, the Cumulative Long Liquidation Leverage at $0.700–$0.768 could still become an important downside area to watch.
For now, the $1.00 level remains one of the most important levels for the next move.
A sustained hold above $1.00 would strengthen the bullish structure, while renewed weakness below this area could bring the deeper correction scenario back into focus.
What comes next for RLC?
🟢 Hold above $1.00 and continue higher
🔴 Deeper correction toward liquidity
#iExecRLC
The previous RLC setup was invalidated and the Stop Loss (SL) was triggered.
Transparency matters to me, so I will continue reporting both successful and unsuccessful setups exactly as they happen.
RLC had tested the key $1.15 trading level several times, and the earlier rejection even created a Bull Trap. However, the latest price action invalidated the short-term bearish setup.
From an Elliott Wave perspective, RLC still appears to be trading in an important area after potentially completing a 5-wave impulsive structure.
This means the possibility of a broader corrective phase should not be ignored.
If sellers regain control, the Cumulative Long Liquidation Leverage at $0.700–$0.768 could still become an important downside area to watch.
For now, the $1.00 level remains one of the most important levels for the next move.
A sustained hold above $1.00 would strengthen the bullish structure, while renewed weakness below this area could bring the deeper correction scenario back into focus.
What comes next for RLC?
🟢 Hold above $1.00 and continue higher
🔴 Deeper correction toward liquidity
#iExecRLC