RIOT: Down, but not out...yet!Riot Platforms, Inc.NASDAQ:RIOTmukit1Since my last analysis, much has happened. There was a clear fake breakout that resulted in a larger correction. This highlights the importance of setting a stop loss, no matter how good the price action looks. So, what happens now? As overall markets look to be consolidating, there is no clear indication of which way things will resolve. Even though RIOT is trying to improve its business fundamentals, the stock price will somewhat be tied to the overall market conditions. For now, the bull case still seems to be the path of least resistance. RSI in 12 hour and daily showing hidden bullish divergence. RSI reading in 12 hour is in oversold condition; and getting close to oversold in daily timeframe. So, in the near term, once this leg of correction is over, we should see at least some reaction to the upside. The big question would be, if it just a reaction or a trend reversal. Looking at EW count, my last count of 1/2, 1/2 is not valid any longer as the pivot of $23.5 got broken. Now, it seems like an expanded flat with C wave neat completion. Even though, price can fall quite a bit more and still be within the count parameters, I would like this correction to hold the previous support area red box. There are some daily timeframe price gaps I have notated on the chart where price can go back and resolve. However, if the red box does not hold support, then bull case will need to be seriously reconsidered. To conclude the near-term analysis, the 5 wave move down seems to be a C wave. Expecting a bounce sometime next week. If that bounce comes in a form of 3 waves and price starts to head back down, then bull case needs to be re-evaluated. I have a small short position, that I will close out early next week, but will things closely before going long again.