Looking Bullish on RIVN.Thank you as always for watching my analysis! Please feel free to like, share, and comment on this post.
RIVN trade ideas
Bullish Gartley on the daily HOLD ON TIGHTOn my last thread that I have made I was predicting a bullish Eve Adam pattern which has been invalidated due to the lack of a swift reversal. As well as the invalidation of the Inverse head and shoulders on the lower time frames. This being said there is yet another bullish pattern that we have. Since we did not create a new lower low last week or today and it seems like EV's are in a slight reversal trend which could give us a nice boost.
Anyways on the daily time frame I am seeing a bullish gartley pattern as shown in the picture with the blue triangles this pattern is valid as long as we do not go past the .78 fib retracement that would bring us to approximately $13.5 area. I strongly believe that we will have our answer if we are going lower only once earnings on February 21st come out. If they are positive we get the GREEN light if its negative and I mean both numbers then I will sell my positions and hold until further notice.
Lower time frames have divergences forming and already playing out on the 3H 2H and 1H.
If earnings are positive which Im 67% sure they will be, then the measured move to the up side is $34.4
Today we also got a nice Bullish engulfing candle on the daily and it closed above the Point Of Control (red line)
We also have a gap to fill at $23 and those 70% of the time get filled higher which would take us to about $24. This will be a great magnet for price to get pulled up higher.
KEY DATES:
February 21st - Earnings (Neutral)
March 7th - Rivian unveils R2 (full release will not come until 2026) (Bullish)
March 19th/20th - FOMC interest rate decision (Bullish)
March and April best months for stocks (Bullish)
Rivian Update: 02/04/2024Rivian's structure looks much like Tesla's. The difference between the two, I still feel Tesla is within a larger bull count, whereas I feel Rivian is within a larger corrective count. This makes me much stricter on the structure Tesla carves out vs Rivian. Rivian's next move higher will be that of an A wave which can appear as a 3 or 5 wave move. This can appear corrective or impulsive in nature. The chop down from the 29 Jan high doesn't appear as an ED but instead as a corrective structure lower. With how Tesla can affect Rivian though, it can easily pull it down with it.
Looking at the daily MACD, the MACD line is about to cross the signal line. This is a bullish indicator and tells us the next larger move up will begin soon. The big question is, will we make another low first or head higher next. IDK the answer to this right now, but I do know the move higher marches closer and closer. I expect the S&P to start its b wave lower this week so I imagine it will pull on Rivian at least slightly.
Rivian Update: Being patientThe strength Rivian has been showing as of late is promising. However, price still appears corrective. Also, we still didn't breach the prior high the MACD made on 22 Jan. Price has been overlapping and didn't breach the 23 Jan high. These mentions I make of MACD / price aren't required yet with this count but are signals Rivian will most likely move lower before higher.
With EWT, it takes emotions off the table (or at least should), and just looks at raw facts/price action. News/fundamentals are already baked into the chart. Not saying they're unimportant as some of the best traders in the world use fundamentals. EWT is in its own league though.
The daily MACD was able to raise a little giving us some more breathing room as far as that's concerned. I mentioned in a prior post, these last moves higher could be a couple 4-5's to get MACD to raise a little on the daily before the final low. That final low should be a quick drop before raising higher in (C). I would love for the bottom to be in, but EWT is suggesting another low before that happens. With all the uncertainty it could be masking/skewing this last raise higher as I do believe it is a larger corrective pattern. Without more data I can't be certain, but I would be prepared for another drop lower to the 0.786 @ $14.13. If this happens, as I said in a prior post, I will be buying calls in mass. These will most likely expire 2-3 months from the purchase date.
I will update tomorrow as able. Don't forget starting March 1st my posting schedule will alter dramatically on here.
Rivian looking juicy on multiple different indicatorsHey everyone this will be my first post ever on this website and im super excited to be able to share my ideas and see what people think. Normally this isnt something I do but Rivian has been something special for me.
Anyways Currently predicting an Eve Adam pattern which I have found to be bullish through tests in the past and most people are familiar with Adam and Eve pattern but as of lately that has shown to be more bearish than bullish in my opinion and from what I have seen in the past year.
If this pattern plays out then we could see rivian going up into the $39-$40 price target range. MacD on the daily just flipped, RSI has plenty of room to the upside, and Stochastic RSI is pushing upwards. We bounced off the POC (Point of Control) at $14.87 which has since moved up to $15.34.
FOMC is today and rates will most likely stay the same but if we see a cut markets will go bananas because its not priced in for a decrease. Earnings are February 21st but this is for Q4 of 2023 which were good for Rivian despite not selling as many cars as they have hoped.
On the Shorter term 2H chart we are seeing a head and shoulders pattern as well, a flipping of the MacD, and RSI staying above 50, as well as Stochastic RSI curling back up.
RIVIAN Low risk buy opportunity at least on the short-term.Rivian Automotive (RIVN) hit the $21.00 Target following our November 29 2023 (see chart below) buy call but even though it confidently broke above the Bearish Megaphone, the price corrected aggressively back even below the Higher Lows Zone:
The price is at the moment coming off an oversold 1D RSI Double Bottom, naturally below both the 1D MA50 (blue trend-line) and 1D MA200 (orange trend-line). Even though the long-term pattern remains a Channel Up (blue), we have to consider the possibility of the (dashed) Channel Down breaking below it and establishing a new long-term trend. Until that happens, this is a short-term buy opportunity, with our Target being $23.00, right at the top of the Channel Down, on the (dotted) median of the Channel Up, representing a +62.17% rise from the Channel's bottom, similar to the December 26 2023 Lower High (peak).
If then we get a 1W candle closing above the 1W MA100 (yellow trend-line), which will be the stock's first time to do so, we will buy the bullish break-out and pursue our long-term Target of $35.50, which will represent a +142.79% rise from the bottom, similar to the last Bullish Leg of the long-term Channel Up that peaked on July 27 2023.
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RIVN Automotive potential bottom.This count is somewhat different than the first idea i posted since i have tracked RIVN from that May impulsive structure.
The green area could also be backtested in case we are having a flat in the last leg of current price action.
If this was the bottom, first target for the wave (III ) would be 40 $
RIVIAN Stock Chart Fibonacci Analysis 012924Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 16.2/61.80%
Chart time frame : B
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : B
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance. Our goal is to find a low support point and enter. It can be referred to as buying at the pullback point. The pullback point can be found with a Fibonacci extension of 61.80%. This is a step to find entry level. 1) Find a triangle (Fibonacci Speed Fan Line) that connects the high (resistance) and low (support) points of the stock in progress, where it is continuously expressed as a Slingshot, 2) and create a Fibonacci extension level for the first rising wave from the start point of slingshot pattern.
When the current price goes over 61.80% level , that can be a good entry point, especially if the SMA 100 and 200 curves are gathered together at 61.80%, it is a very good entry point.
As a great help, tradingview provide these Fibonacci speed fan lines and extension levels with ease. So if you use the Fibonacci fan line, the extension level, and the SMA 100/200 curve well, you can find an entry point for the stock market. At least you have to enter at this low point to avoid trading failure, and if you are skilled at entering this low point, with fibonacci6180 technique, your reading skill to chart will be greatly improved.
If you want to do day trading, please set the time frame to 5 minutes or 15 minutes, and you will see many of the low point of rising stocks.
If want to prefer long term range trading, you can set the time frame to 1 hr or 1 day.
Rivian Update: 1/28/24There isn't much to add from my last post. Price action since Thursday of last week seems corrective to me and so I am counting this as our final wave iv of 5 of C of (B). We could have technically bottomed already but the most recent price action doesn't suggest that to me. If we do get one more low, I would like it to ideally be fast and then a strong move higher. The reason I say this is due to the daily MACD. It still hasn't crossed my threshold but is very close. One-two more red days or a strong red day and I believe it will breach it.
The orange fibs you see on the chart are just tracking this last 5-wave move lower. As you can see there is quite a bit of fib resistance in this area. This confluence is a good thing as it acts as strong support. There has started to be an awful lot of positive news coming out for Rivian as of late such as the R2 and the Apple exec coming onboard to help. We shall see soon!
Rivian Update: Structure looks nearly completeFirst 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....
CorrectionSharp zig zags are commont in waves 2. Most of waves 2 are deep because of the trend changing and retesting the actual lows.
Ofc , if we are corrective.
Rivian Update: When will the carnage end?We never got the confirmation/clues I said we needed to say price had carved a bottom. Today, we breached that $15.12 bottom, so the previous impulsive count has officially been invalidated. As previously stated, we now look towards out next levels of support. On the micros we bounced off the 1.236 fib but the next larger line of resistance is $14.13 @ the 0.786 fib retracement of our larger (A) wave. We are in the typical area for this retrace to end. Normally I would expect us to tag the 1.0 extension of our a-b waves which would be $13.07 as stated in a previous post. Rather we drop to that low or not remains to be seen. I feel Tesla's moves today weighed hard on Rivian. Every chart stands on their own, but the leader can weigh heavy on up-and-coming stocks at times. Today is case and point. We knew this was a possibility though and should have been prepared. Thankfully stocks don't have decay, and the few options I have, (I hope yours as well) still have 1-2 months left before they expire. So, there is plenty of time for price to turn around.
Today didn't help the daily MACD, but it is still changing direction to the upside. As long as we have another couple green days it should be in much safer territory. As of now, as you can see, we still have positive divergence on the hourly MACD. The further we drop from here, the further our upside target lowers though. Let's see what tomorrow brings for Rivian.
Rivian Update: So far so goodI think I may finally be on to something tonight. After looking at/refining this most recent decline, I drew some fib extensions, and look at how accurate this one seems to be on the 15min chart below. We bottomed on the 1.118 extension to the cent. The other lines are acting as resistance/support as well. This to me, is the most probable area for these mini-a-b waves of micro-wave c of B of (C). Confused yet lol. I always have to check my labeling degrees when typing this stuff because they can get switched around very easily. Essentially what this means, if this is the correct count, is that we have in fact bottomed. Also, price has been bouncing off the new lower trend line I have drawn. This in itself isn't confirmation though, as I still want us to breach the $17.12 area. That isn't the confirmation we need either but is a big clue the bottom is in. Unfortunately, we won't get 100% confirmation until we breach our previous high of $24.62. These little things I am pointing out though, when/if they happen, are big clues that the uptrend has resumed.
If the up-trend has resumed, then I anticipate us to make our way up to the next target box in a 5-wave move. There is a possibility that this could extend all the way up to the 1.618 extension @ $63.95, but at this time I feel that is a low probability. As of now, my previous target of $36.87-$51.82 will remain until I have information that points elsewhere. Tomorrow, I want to be a green day and for price not to breach my trend line. This will help the daily MACD continue curling up and possibly even point upwards to avoid crossing that red line I have been mentioning.
I question how Tesla earning will affect Rivian tomorrow...
Rivian Update: Today was a good startToday was a good start but nothing is confirmed yet. We raised strong early in the day and then spent the remainder meandering down. I had mentioned in a comment that we needed to watch the 0.618 fib @ $16.65 as a possible resistance level. Well, as you can see on the 3min chart at the bottom, we smacked into it and then got rejected. I was hoping we would drop no lower than $16.11 which would have meant it was a mini wave 4 in a micro-1. The fact that we did drop lower means this was either all a mini-wave 1 or mini-c-wave higher in wave iv of C of (B). What does that mean? It means we didn't get any concrete answers today. This retrace could have been a function of either my primary or ALT. As I said, this was a good start though. The reason I say that is how high the MACD rose on the 3min chart below. The strength that it showed is very promising the bottom is in. Price also carved out a bottom on pos div. which is needed to have a trend change.
On the main chart above, MACD looks to be starting to curve higher. I expected today to be green if you recall from yesterday's post. Rivian needed a green day to get the daily MACD to start changing direction. Should tomorrow be red again, MACD will once again be in danger of creating a new low on the daily. If it crosses my red line, then that suggests Rivian is in some serious trouble. I have my stop still in place for $15.50, because I feel if we drop below that, there is a very good chance price will fall all the way to the $13 area.
If this has all be the a-b waves of iv then the clues will be in MACD. If it at any time MACD creates a high above todays on the 3min chart, that will be a clue that the bottom is in. If price makes a new high and begins to fall without MACD making a new high that leads credence to a wave iv. I'm hoping tomorrow we finally find out for sure. I will be watching for us to breach the $17.12 high within the next couple days.
Rivian Update--01/21/2024As much as I want this thing to have bottomed, it may need another low to make first. The reason being is when you zoom out to the bigger picture, look at the descent from the 26 Dec high. It has been a very strong one-sided move. This is very typical of C waves. Not to mention the MACD made its lowest low on 05 Oct. The two counts you see here are very close to each other and either one could be right. On the micros price has carved what appears to be a 5-wave move higher. This could be the first wave in our move higher for (C) or it could be a mini-a-wave for wave iv of C of (B).
A wave iv of C of (B) would also make sense because it would allow the daily MACD to start resetting higher before a final push down for v. We are currently within the normal end point for this move though, and the indices look ready to continue moving higher. Will they pull Rivian higher with them? This week should provide us with some valuable clues. If we end up making another low towards the 1.0 @ $13.07, I will be buying calls in mass and most likely some shares too. The next primary move higher will be a C wave and they are typically very strong moves as you are witnessing now.
Current Rivian Assets:
500 Shares
20 Calls
Rivian update: The not so good dayRivian has been very frustrating as of late. It just seems it doesn't want to cooperate. The question I started asking myself today; Is this count correct? Technically speaking nothing is invalidated as wave 2's can retrace up to 99.9% of wave 1 and still be valid. Thats not something which is common though, especially in a wave 3 of ANY degree. Today we came 0.24 cents away from our wave 1 low. Due to how deep this retrace has been I wanted to try and look at this from a new angle.
The ALT labels have changed slightly, but the overall thought of my ALT has remained. Another way this action could be interpreted (which seems very likely after today), the prior wave (1) is actually an (A) wave. That would mean what I called wave (2) is actually our (B) wave, and we are currently in the last machinations of wave B of (C). Regardless of if this is the case or not, I would expect this decline to end shortly and head higher. The big difference is b waves can go slightly past the origin of its respective a wave.
On the MACD I have drawn a line which is the most recent low it carved out on our last move down. If we drop below this line, then Rivian stock has some very serious problems. It would most likely be a sign made from insider selling signifying we are headed much much lower, and the company itself could be in some very serious trouble not unlike Fisker.
In doing some research earlier, I found that over the last 12 months insiders bought 1,059,923 shares and sold 1,797,602. However, in the last 3 months they have bought 439,174 shares and only sold 8,890. That equates to a net negative of 737,679 shares in the last 12 months but a net positive of 430,284. (Data retrieved from nasdaq.com) Are these insiders telling us something? Or is it pure coincidence? One thing is for certain, insiders have much more knowledge of what is coming then we do. They help to create the entire pattern we interpret as they are usually the biggest holders of a particular stock.
We will have to wait for what comes next to determine if this has all been corrective, or if we are in fact in a new bull run. As stated above, after today, I am leaning towards my ALT count. Until the primary has been invalidated or a clear corrective structure gets carved out though, I will keep my primary. Let's hope tomorrow is better to us.
RIVN Long-Term Bullish, But Significant Crash Potential Near-TerAs an EV play that's quickly proving itself to be a long-term survivor, and even a company that thrives financially as first to the market with its status symbol and pricier trucks, I can't help but draw comparisons of Rivian to Tesla a few years back. Those TSLA shares of course, went on to crush its bearish critics.
Today and near-term though does warrant caution. RIVN stock's weekly chart raises concerns of larger downside risk, perhaps as much as 50% from it's recent high after confirming a topping / reversal candle back inside a downtrend channel, coupled with a bearish RSI c/o, and which combined, have kept confirmation of a larger bullish trend from signaling.
Married puts, collars, and a handful of variations of fully or partially protected spread strategies using options with long RIVN stock are worth consideration imho.
Rivian Update--01/17/24Well, today was a doozy to say the least. Last night I mentioned the bullish hammer for the daily candle, and believe it or not, we formed a bullish red candle today. They are both called hammers and often present this way. I'm not saying this to try and bolster my bullish stance on Rivian. A simple google search of bullish green hammer or bullish red hammer will show you this. That being said, Rivian has a lot of proving to do.
Today we dropped all the way to my primary trend line. Thankfully, it held up and price reversed after tagging it. This area has the 0.618 retracement fib from wave (1) right at my trend line adding support too. Also, it's pretty ugly, but we got a 5-wave move to the upside. Below is the 15min chart with labels showing this. IF, this is the beginning of a move up (and we're running out of opportunities), then I would expect us to drop tomorrow back down to test the trend line before finally raising in wave 3. If it fails and makes another low, then the next line of support I see is $14.09. Below $15.12 and that would invalidate this larger count. It would suggest this has all been part of ((B)) of (2) or the more likely scenario is a larger B wave with-in an even larger decline. There are plenty of reasons for this thing to rise but I won't speculate at this time. Price needs to prove itself and as said before...it's got some work to do.
I'm sure some of y'all are tired of hearing me ramble on about MACD, but we are STILL on positive divergence. We have fallen this far/hard, and it STILL remains on pos div. This is a small hint that most won't pick up on but seems obvious to me. It has been one of the main things that has stayed my belief we are due to raise. MACD isn't the end all be all though, structure is. This structure to the downside we have seen has been strong, but still appears corrective to me. Even if this is continuing the previous bearish trend, we are due for a major retrace at the least. We have fallen almost 34% since the high on 26 December with no real retrace to talk about. Sure, we had a little one on 08 Jan but that is hardly even noticeable when zoomed out to the larger picture. Let's hope tomorrow Rivian starts to cooperate and makes some gains to the upside. There are only so many bullish signs you can get before its stubbornness finally gives...
RIVN Is Rivian the next TSLA?Yesterday, I observed some unusual blocks of calls in the options chain expiring on Feb 23, following the earnings release.
One of the most substantial positions was in the $20 strike price call, with options traders paying $1.7 million in premium.
Listening to analysts, some mentioned they expect a 'TSLA Model 3 moment' from RIVN as well.
In addition to Amazon, which has agreed to purchase 100,000 delivery vans from Rivian, AT&T is set to acquire its electric vans and R1 vehicles in a new pilot program starting in early 2024.
On the other hand, the CEO stated that he anticipates Rivian reaching a break-even point on each EV built by the end of this year. We will likely hear more about this on the earnings call.
I am extremely bullish on Rivian's upcoming earnings release!
Rivian Update--01/16/24I'm going to be busy the rest of today and all tomorrow so I wanted to get this out to you now. The main chart I have on display is the daily showing where we are headed next for our wave 3 of (5). Another reason I wanted to show the daily was for the candle that formed today. Again, I don't subscribe to this type of analysis, but knowing different forms of analysis only helps one grow in their ability to predict markets. The daily candle formed today is called a bullish hammer and is one of the top signals to foretell a big move higher is coming up. This, combined with my thought of us being so close to a wave 2 bottom, helps to give me extra confidence and clarity in the count. Also, look at the daily MACD. It is starting to curve to signify a change in trend is likely about to start. We're also in the target box for a standard retrace despite my thoughts we would get a shallow wave 2.
On the below 3min chart, I have labels showing we have so far carved out an impulsive looking 3 waves with a 4th that is almost complete if not already. If we can get the OMH I mentioned earlier (wave 5), followed by a 3-wave corrective move down (abc), that will be the confirmation we need to say the bottom is in fact in. How big these moves will be I do not know. Until we have that confirmation though we can still drop further. The next fib resistance we have is the 0.786 retracement @ $16.78. I will update as able tomorrow but can't make any guarantees.
P.S I bought another 20 shares with my smaller account today to lower my avg cost/share. I also bought those 5 calls I mentioned earlier.
Total Rivian Holdings:
520 Shares
25 Calls
Friendly Reminder: Beginning March 1st (~7 weeks), I will be dramatically changing my posting schedule here on trading view.
Cup Established. Wait on the Handle.Hi Traders,
RIVN formed a CUP on the 240 chart. I anticipate the handle will close the small gap around the $19.80 area, which is also a trend support zone. Once price is in this area, consider a bullish position targeting the $24 trend resistance. Once RIVN breaks trend resistance, target $34 which is the 1:1 ratio from the depth of the cup pattern.
Entry: $20
T1: $24
T2: $34
SL: $18
Happy Trading!
Rivian UpdateAs I mentioned in my last update, we very well could be in an ending diagonal. Looking at the price action from last week, the descent was very choppy and overlapping. Generally speaking, ED's are 5-wave motive waves, made up of 3-wave moves. Wave 3's are usually more exaggerated compared to the rest of the motive wave, but there aren't really any rules governing ED's aside from wave 4 "slightly" overlapping wave 2. ED's are usually very difficult to distinguish from until they are nearly complete. They're the biproduct of indecisiveness and occur at the change of a trend. In this case we're finishing our c-wave and about to head up for wave 3. Many people have doubts about Rivian's ability to thrive in this market which could very easily be the reason for the ED.
One thing I seem to notice about stocks, is right before they take off, all the sudden good news starts to show up in news/articles. This weekend I started to see more and more articles complimenting Rivian and how it is in a good buy area for the price target analysts have set for it. People are mentioning how Rivian has beat production estimates and always seem to beat wall street's expectations for earnings. This, combined to where we are in the count, gives me great confidence this week should be a good week for Rivian. Again, I am no fortune teller. I interpret charts and make the best conclusions I can out of the information I am given. I am also not able to predict "when" things will happen, but only that they "will likely" happen.
I have placed a question mark next to the mini 5 because it could easily make another slight low if this is in fact an ED. The move up off of that low doesn't appear impulsive to me, but another thing I have mentioned is micro counts can be deceptive. RN Elliot theorized that all price action is fractal in nature, but I highly doubt he had the access to 3-minute charts as we do. My best guess is he had 4Hr and up charts for the most part with a possibility of hourly charts. Looking at the 1HR chart we have what could be considered a 1-2,1-2 or looking at the 4HR chart we just have 2 small green bars. From these larger pictures, it is impossible to know if we have bottomed yet or not. One thing I can say is, MACD has been on positive divergence for some time now, so when this thing finally takes off, I expect it to have the power of a wave 3. Until then I will continue slowly adding to my position averaging down for lift-off.
Current Rivian Assets:
500 shares
20 Calls
Friendly Reminder: Beginning March 1st (~7 weeks), I will be dramatically changing my posting schedule here on trading view.
Rivian Update: Are we there yet?Rivian has been taking its sweet time to make this bottom, but all the while it is making some serious positive divergence. At the bottom of this post, you will find my 3min chart which shows we have been on pos. div. since Jan 2nd. As mentioned in my update earlier, we bounced right in between the 0.236 yellow fib and blue 0.618 fib lines. When I draw a fib extension for this first sub-division of our wave (3), it shows we should conclude right around the yellow 1.236 fib line @ $46.50, which is also a "normal" spot for this part of the motive wave to end. How long that will take, I have no idea. Judging from the current price action though, we should start the trek up there soon.
There is always the possibility this has all been the a of 2 but I find that highly doubtful. This would be a VERY deep a wave and not the norm...but not impossible. For this reason, I will keep it on the chart until we make a new high above our wave 1.
Looking at MACD, we need to stay above the bottom red line, and once this move up starts, it should breach the upper red line. On the main chart at the top, I have drawn a trend line from our wave i start to our wave ii end. Look at where todays price action bounced. Coincidence? I don't believe so and believe it is another sign this bottom is very close if not made today. I know I have said that a couple times recently, but that is because I keep getting indicators that the bottom is possibly carved or imminent. Things signs just keep piling up and reinforcing my thought process and resolve. Regardless of if this is the bottom or not, we are at minimum due for a decent retrace.
This also goes to support my strategy of slowly building into a position. If you just spend your entire trade allocation at one time you get worried when price drops at all. By entering slowly, I see it as an opportunity to lower my buy in and acquire more before we launch. I still remember y'alls reaction when we took off the first time, the second time, and now about to be a third time. Hopefully by now, you are learning how to better enter and exit trades as I have been too. God saw fit to teach me EWT, and I for one will not stray. I will continue to have faith in this strategy He has shown me. If the count is wrong, we will see it in the structure. When this takes off for wave 3 of (3) I WILL be ready and positioned. Will you?
Good luck everyone!!
