Rivian Update: At Least OMH NeededRivian made quite a bit of progress today. According to the structure it carved out, and the fib levels it tagged, we should currently be in our wave v of 3. The standard fibs on the micro levels indicate price needs to extend out in wave v to meet the bigger picture target for wave 3 of (3). On the chart I have two boxes drawn. The smaller box is the target zone for wave v, and the bigger for wave 3. These two waves are one in the same in the fact that wave v is the end of wave 3, which is why I said wave v needs to extend.
We dropped for what I am calling at this point wave iv, although it could arguably be micro-wave (4), and tagged the 0.236 retracement fib. We could still drop and tag the 0.382 retracement but shouldn't go much lower than that if this drop isn't over already. I expect tomorrow to continue in the green, and depending on what price does, I may sell a portion of my position for a scalp. If I do so I will update y'all on here, as soon as I can.
I do work the next two days, so I don't know how much time I will have to watch the markets/update y'all. Just be careful and remember to use stops. So far, we are up about 10% or so on this trade. I would hate for someone to go into a loss because they didn't protect their assets. Right now, technically price could drop all the way to $12.41 and not invalidate the big picture. However, if this count is correct, I don't believe we should drop below $13.63 for any reason. Once we move past $15.68 strongly, we shouldn't fall back under that price for quite a while.
$15.75 is still the magic number to confirm wave (3) is under way. Until then, there is still a possibility we could fall towards that $12.41. Like I said, very very unlikely though.
Bonam Fortunam,
--Tyler
