I think I may finally be on to something tonight. After looking at/refining this most recent decline, I drew some fib extensions, and look at how accurate this one seems to be on the 15min chart below. We bottomed on the 1.118 extension to the cent. The other lines are acting as resistance/support as well. This to me, is the most probable area for these mini-a-b waves of micro-wave c of B of (C). Confused yet lol. I always have to check my labeling degrees when typing this stuff because they can get switched around very easily. Essentially what this means, if this is the correct count, is that we have in fact bottomed. Also, price has been bouncing off the new lower trend line I have drawn. This in itself isn't confirmation though, as I still want us to breach the $17.12 area. That isn't the confirmation we need either but is a big clue the bottom is in. Unfortunately, we won't get 100% confirmation until we breach our previous high of $24.62. These little things I am pointing out though, when/if they happen, are big clues that the uptrend has resumed.
If the up-trend has resumed, then I anticipate us to make our way up to the next target box in a 5-wave move. There is a possibility that this could extend all the way up to the 1.618 extension @ $63.95, but at this time I feel that is a low probability. As of now, my previous target of $36.87-$51.82 will remain until I have information that points elsewhere. Tomorrow, I want to be a green day and for price not to breach my trend line. This will help the daily MACD continue curling up and possibly even point upwards to avoid crossing that red line I have been mentioning.
I question how Tesla earning will affect Rivian tomorrow...
If the up-trend has resumed, then I anticipate us to make our way up to the next target box in a 5-wave move. There is a possibility that this could extend all the way up to the 1.618 extension @ $63.95, but at this time I feel that is a low probability. As of now, my previous target of $36.87-$51.82 will remain until I have information that points elsewhere. Tomorrow, I want to be a green day and for price not to breach my trend line. This will help the daily MACD continue curling up and possibly even point upwards to avoid crossing that red line I have been mentioning.
I question how Tesla earning will affect Rivian tomorrow...
Comment:
Looks like this is an ABC for our retrace. We pierced the lower trend line and the target I am setting, if this is an abc, is $15.50. If you recall that is where I had my stop. I went ahead and lowered it to our low @ $15.16 because knowing my luck it'll tag $15.50 to the cent selling my shares and then raising. This is the last I will move this stop. If it triggers then it triggers. I only have half my shares set to sell should this be breached
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
