Rivian Update: Count is on track

Today was a good day. Hopefully others were able to take advantage of Rivian's moves. Keep in mind this is just the beginning. The next target I have, as you can see by my box, is $20.91-$21.64. Price could easily extend beyond that point but that is the "standard" ending for what I am calling wave 1 of (3). If price does extend out, then the most likely next ending would be the 2.618 fib extension @ $23.89. You can't see it on here I don't think, but the 2.618 is right by where my two trend lines intersect. Let's not get too ahead of ourselves though and remain conservative as to keep the profits we have already made.

From where we are now It seems we have almost finished this micro (i) of v. To me, the micro's look as if it is in its last mini-wave 4&5 of i. We are also approaching my trend line and will most likely bounce down off of that IF we reach it. That would make a good spot to end the mini-wave i and start our retrace for ii. Until we finish mini-wave i and have started wave ii I'm not going to try and guess where we will retrace to.

Technically according to EWT rules we can retrace all the way to $17.77 and still remain a valid count. Also, something else to keep in mind, we made a new high today and almost have a 5-wave structure moving up. This could, technically speaking, be ALL of wave v of 1. I don't think either are the case, but something to keep in the back of your mind to be ready for any scenario.

I work tomorrow but will update as able. Good luck everyone!!

P.S: In case you missed it, I have exited ALL option positions. I have still retained my shares as I don't have to worry about decay / added volatility. I am not bearish as you can tell, I just wanted to capture their profits. When we retrace, I will buy more options and post them on here as always.

Bonam Fortunam,
--Tyler

Comentário:

So far we have a complete 5-wave count up and smacked into my trend line. We could easily continue up from here but I feel we should get at least a little retrace for mini-wave ii today. We hit the $20 target already and have breached my trendline on the MACD. These are ALL very good signs confirming the count.

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We are raising on neg div at this time. Retrace should be soon

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Extra fibs for your viewing pleasure. We have a complete count and started new neg div so we can head back down at anytime for our retrace.

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Still at work, and I will make a new post tonight, but look at that MACD. This is what I wanted to see.