Rivian Update: Orange count it is

BATS:RIVN   Rivian Automotive
If y'all remember, Sunday night I posted 3 different possibilities for price to take. The last two days followed my orange count to the T. I also mentioned if we follow orange, I would be buying more shares. Well today I posted in an update that I bought an extra 100 shares and increased my position size by 20%. Where we are in the count, the risk / reward ratio is too good to pass up. We could still head lower if this count is incorrect, but it would only be temporary.

Today we dropped to the 0.786 retracement almost to the cent and then began to bounce higher. Structure appears complete, and we have hit standard fibs needed for this B wave to be considered complete. We did bottom on neg div which I am not a fan of. This could indicate price has intentions of making another low before raising higher again. If it does make another low, it should be marginal.

Should today be the B wave bottom we've been waiting on, price should start heading higher tomorrow towards the next target box for C of (A). That price target is $17.37-$18.98. Yes, I know other analysts have lowered their targets for Rivian. I honestly don't care what they say lol. I read one article that said they made their decision based only on the idea we're in an "EV winter". They lowered their target over 30% based on that?? Give me a break and do some actual work. As y'all know I make decisions based on hard data and cyclical patterns using EWT. A proven form of analysis that is one of the most accurate forms known in use. Anyway, let me hop off my bandwagon.

I will be watching closely tomorrow and will update as needed.

Don't forget, beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My last regular post / update will be on that day.

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Bonam Fortunam,

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