Rivian Update: Headed higher

Today was a good day for Rivian as it rose over 5%. If this count is to be the correct one than I anticipate an even stronger move higher either tomorrow or Monday of next week. The reason for this, is I expect MACD to make a new high above the high it made on 09 Feb. in order for the larger count to remain intact. Today on the micro chart MACD made its highest high since the bottom on 25 Jan. This is reassuring at the least.

Given where Tesla is in its count, it should help to pull Rivian up with it with the volume it brings. Looking at the chart you may notice I have a turquoise ABC labeled. This just indicates we could get another slight drop lower before launching into the target box. Rather we go straight to the box or get that slight retrace first, all counts point to that next box. Let's see what tomorrow brings.

P.S: Notice how all these moves are corrective 3-wave structures? That to me, confirms we are in fact in a larger corrective pattern, and excuses the sloppy price action we have been seeing.

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.

Comment:

This chart is still very much relevant. Markets are closed tomorrow so we await Tuesday to give us more clues. If you have questions feel free to ask them and I will answer as able.

Trade active:

Bought 100 more shares