Sub-dividing vs. Leading DiagonalRivian made a HUGE jump today into my box, which I was completely expecting. However, we then declined pretty hard down to $13.29 which i wasn't. Since then, we have started to move higher again, and it was such a hard drop it reset the MACD on the 15min timeframe and even dropped it pretty good on the 1HR.
Looking at this graph it seems apparent to me we are still in a bull cycle. The question is, what is the count? We have had a decent amount of overlapping since our wave 2 bottom on 26 April which is normally a sign of a corrective count. With the strength Rivian showed this morning though, I believe we are in fact in wave 3. To me there are two different possibilities.
In black, which is my primary color, shows we are subdividing in this wave 3 indicating we will propel higher very soon. This move would be a VERY strong move because it would be a 3 of (3) of iii of ((i)). Idk if y'all remember, but I have stated several times that wave 3's are THE most powerful 99.9% of the time.
My ALT count, labeled in turquoise, shows we are in a leading diagonal in our wave 3. This would mean we still have OMH to make to complete the LD. A trait of LD's is they typically head straight to where they began and quick. This would mean we would expect a swift correction for wave ((ii)) of (3).
That wave ((iii))) of (3) though...let's just say that will be a train you wouldn't want to miss. That is where the big money maker is. When we get a little more clarity in the chart I will update again. Until then, let's let price show its rear end....i mean intentions.
Bonam Fortunam,
--Tyler
