BATS:RIVN   Rivian Automotive
I mentioned in my prior post that it was a very real possibility we get a flat abc as the mini-b wave was so deep. Today that appears to be what we got. Price raised just above the 1.0 extension and then got rejected. Today we got a very strong move to the downside which signifies there is a very good chance wave iii (primary) has started. There is a possibility this is an abc move to the downside, hence the a or i / b or ii labels. Notice price moved down to the 0.382 fib @ $9.94 and had a reaction. The question you should be asking yourself; is this the wave 1 of iii? If you look at the structure from the label ii high of $10.74 to the $9.89 low made today, it is 5-waves.

If that is the wave 1 of iii then wave 2 of iii should take us to the area of the 0.236 @ $10.24 before falling even harder to the 1.0 area @ $8.77 to finish wave 3 of iii. A breach of $10.74 invalidates the possibility we're in wave iii. Armed with this information you now know what I am expecting to see over the next few trading days to come.

P.S - To whomever it was that said I was crazy for saying Rivian was going to drop closed under $10 making almost a 20% decline since the $12.13 high a week ago....

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Bonam Fortunam,

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