Rivian Update: When will the carnage end?

We never got the confirmation/clues I said we needed to say price had carved a bottom. Today, we breached that $15.12 bottom, so the previous impulsive count has officially been invalidated. As previously stated, we now look towards out next levels of support. On the micros we bounced off the 1.236 fib but the next larger line of resistance is $14.13 @ the 0.786 fib retracement of our larger (A) wave. We are in the typical area for this retrace to end. Normally I would expect us to tag the 1.0 extension of our a-b waves which would be $13.07 as stated in a previous post. Rather we drop to that low or not remains to be seen. I feel Tesla's moves today weighed hard on Rivian. Every chart stands on their own, but the leader can weigh heavy on up-and-coming stocks at times. Today is case and point. We knew this was a possibility though and should have been prepared. Thankfully stocks don't have decay, and the few options I have, (I hope yours as well) still have 1-2 months left before they expire. So, there is plenty of time for price to turn around.

Today didn't help the daily MACD, but it is still changing direction to the upside. As long as we have another couple green days it should be in much safer territory. As of now, as you can see, we still have positive divergence on the hourly MACD. The further we drop from here, the further our upside target lowers though. Let's see what tomorrow brings for Rivian.