Rivian Update: Wave 2 done or just starting?Some of my posts contained some contraband and were removed. The text has been removed and I am just re-posting so y'all can still see the other information.
Today was the perfect example of why we track ALT counts. Had we not looked at different counts, and only planned for a raise in price, we would have been caught with our pants down. Due to this we weren't surprised by this move, or at least shouldn't have been. I still have my shares as it is a very small position and will most likely accumulate more soon. Price has to do what I expect though, or I stay put. This is a very good rule to trade by as it helps to protect your account and prevent unnecessary losses. EVERYONE should have a set of rules they trade by.
I was originally calling for a flat abc due to how high b retraced, but we went deeper than a flat would have today. Price entered my wave 2 target box, bottomed on positive divergence, and bounced .01 cent from the 2.382 fib extension. We could still get another low to hit the 2.618 extension / 0.382 retracement fib around the $20.40 area, but it is not required. Once we start to raise in wave 3, we should head towards the 1.0 @ $36.87.
Speaking about ALT's, notice I already have a new ALT count added to the chart where we bottomed. This signifies our retrace could all just be the a wave of 2. If this is the case, then I would expect a small corrective move up towards $22 before falling again for wave c. The deciding factor will be in the structure carved out on the move higher. The primary reason this is my ALT as of now, is my larger count suggesting we are in wave (3). I expect most retraces to be short and shallow due to the overall strength and momentum pushing us higher in this wave. Technically speaking, price could drop all the way down to $16.78 and still be considered "standard". This is not my expectation for the previously listed reason.
