Hmm… I choose the latter- 3rd wave of the Elliot Wave pattern. Take a look at the $RPTP daily chart below:
Since this is a biotech company, the 3rd wave will be quite a sight to see IF it is the 3rd wave. My target for the 3rd wave is $6.
it could be an ABC correction which, in this case, will probably penetrate the resistance at $5.29 before heading back down.
Roll the dice, close your eyes, and cross your finger… Just kidding, this is not how you trade stock!
I will put a stop below the B wave if this is an ABC correction pattern.
My 2 cents.
Yeap, I bought a starter position on $RPTP. If price action takes out resistance at $5.29, I will add more.