Rivian Update: Is the bottom near?

As I said in my last post, we're past standard fibs and have extended to the downside in the micros. As for the larger pattern, the standard end for an ABC is between the 1.0-1.382 with possible extensions down to the 1.618 fib. At this time, I want to make things as simple as possible and concentrate on only the current pattern in front of us, so I have removed the yellow fibs. This leaves us with only one set of fibs to guide us, and they're from the downside pattern starting at the 27 July 2023 high.

Looking at only this, we can then deduce a possible conclusion for this thing to finally bottom. If it is to be a standard ABC down, it should end within the target box drawn. Worst case scenario, according to this count, is price extends down to the 1.618 @ $8.84. Should price bottom in the box drawn though, it should then rally to at least $19-$23. If it extends to the 1.618 then the target area for a retrace is $18-$22. How long this takes idk. It is a corrective structure, and they can happen quickly or be very drawn out. For now, this is all we have to go off of to form our thesis. MACD always makes its low within the A wave of a corrective pattern. As of now, that low is still in the beginning of Oct 2023.

Comment:

Last regular update: just letting y'all know I plan on trimming some of my Rivian shares monday. I will still hold the majority until the stock rebounds