Rivian Update: FINALLY some good price action
We FINALLY some good price action today. Price ended 10.11% up from its LOD, MACD made a new local high, and price finally started to raise with strength. The reason I mention with strength is because of that high MACD made. That was very important because had it not made a new high, this would have turned out to be just another minor c wave before dropping even further. However, it and price BOTH made new local highs.
If you can follow my count, we are currently topping in wave iii, with OMH possible, and wave iv to follow. Wave 4 should take us down to the 0.786 area around $16.10 before raising again for v of C of a towards the 1.618 fib if this is to remain standard. Wave 2 was deep and short, so I expect 4 to be shallow and long in order for the theory of alternation to stay intact.
Don't forget though, this is an overall larger corrective count by my thesis so it can become extremely complex at times. This makes it harder to count, but ultimately it should head towards my larger target box that has $35.58 as a minimum target. That is partially why i have the turquoise ABC on the chart. If you recall from some of my older posts c-waves can be 3 or 5 wave structures. Price has already hit the 1.0 of the A-B waves, so this could be it for the initial a wave of this larger count. I don't think this is the case, but very possible.
Thought process simplified:
1. We make a 5-wave C wave higher to the 1.618 @ $17.69 area to finish initial a wave.
2. We make a 3-wave C wave higher which would complete the initial a wave.
Price action should tell us within the next couple trading days which will come to fruition. Botom line is, today was much needed and mixed with the daily MACD, makes me that much more confident the bottom is officially in.
Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
If you can follow my count, we are currently topping in wave iii, with OMH possible, and wave iv to follow. Wave 4 should take us down to the 0.786 area around $16.10 before raising again for v of C of a towards the 1.618 fib if this is to remain standard. Wave 2 was deep and short, so I expect 4 to be shallow and long in order for the theory of alternation to stay intact.
Don't forget though, this is an overall larger corrective count by my thesis so it can become extremely complex at times. This makes it harder to count, but ultimately it should head towards my larger target box that has $35.58 as a minimum target. That is partially why i have the turquoise ABC on the chart. If you recall from some of my older posts c-waves can be 3 or 5 wave structures. Price has already hit the 1.0 of the A-B waves, so this could be it for the initial a wave of this larger count. I don't think this is the case, but very possible.
Thought process simplified:
1. We make a 5-wave C wave higher to the 1.618 @ $17.69 area to finish initial a wave.
2. We make a 3-wave C wave higher which would complete the initial a wave.
Price action should tell us within the next couple trading days which will come to fruition. Botom line is, today was much needed and mixed with the daily MACD, makes me that much more confident the bottom is officially in.
Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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