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
