Rivian Update: Structure looks nearly complete

26 בינו׳

First thing I want to point out is we have yet to breach the previous low the 1HR MACD made on 06 October 23'. We haven't even come close. This is re-assuring to me that the prior decline was the A wave of this larger count. We are still in the target box too. Even though Tesla dropped almost 20%, Rivian has held up rather well comparatively only dropping 5.3%. We're still much lower than I anticipated this move down to go from the $24.62 high, but I can see a light at the end of this tunnel. There are so many bullish signals piling up, I don't see how this ticker can drop much further. The 0.786 retracement is @ $14.13 and the 1.0 extension is at $13.07. Both of these fibs are strong resistance/support levels and ideally should act as a springboard.

As said in a previous post, if we make it down to the 1.0 @ 13.07, I will be buying calls in mass for the move higher. There is always the possibility to drop further towards the 1.236 extension @ $11.26, so keep that in the back of your mind. I don't anticipate this, but Rivian has surprised me as of late. On a micro scale, structure appears to be in wave v of C with at least OML to come. I anticipate with-in the next week or so at most Rivian starts to move much higher again in wave (C). You've seen how strong this latest c wave down has been, and you can check out the C wave Tesla is in right now that witnessed an almost 20% decline in less than 24hrs....