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.
If I can recollect the past data when you called a bottom in June 2023. See the data below for the benefit of others too. Looks very nice move. Happy to say we enjoyed those rides at least 60% of the move on most of the two occasions.
1. June 27th, 2023 to July 22 2023 exactly 22 trading sessions From 13.30 to 28.06
2. Nov 10th, 2023 to Dec 26th, 2023 exactly 31 trading sessions from 15.12 to 24.6.
The above 2 moves were so nice to ride and this was made possible only through your precision and updates. A gift to you by HIM and you were magnanimous enough to share.
3. Jan 25th, 2024 to date exactly (so far)16 trading sessions from 14.59 to 16.73.
Even 3 will happen but might take time as it has become more complex.
The next expected move should take out last week's high of 16.84.
Once I thank you for giving us a perspective all these months/years.
Eagerly await to learn more. God bless you more.
TSuth
⋅
@sriaishu Thank you, brother, for your continued support and confidence in me!. God has, without a doubt, blessed me in this life more times than I can count. I owe all my success to Him and have been fortunate enough to have the ability to spread His blessings to others. May He make our 2024 even more successful! God bless you, brother!
@mohsinusa this is one I don't have a stop set. It's not my normal, but I'm letting this one ride and using dips to accumulate
Dada14e
⋅
What are your thoughts with earnings tomorrow and your 3/15 calls? If we see a nice little spike before earnings do you think you will do any profit taking on your calls before earning to avoid any potential IV crush?
TSuth
⋅
@Dada14e I will hold until after earnings as I think they propel us higher
KC00001
⋅
OMG I can’t believe I’m finally green on this ticker. It’s been SO LONG.
Good morning. Nice posts.Thank you as always
If I can recollect the past data when you called a bottom in June 2023. See the data below for the benefit of others too. Looks very nice move. Happy to say we enjoyed those rides at least 60% of the move on most of the two occasions.
1. June 27th, 2023 to July 22 2023 exactly 22 trading sessions From 13.30 to 28.06
2. Nov 10th, 2023 to Dec 26th, 2023 exactly 31 trading sessions from 15.12 to 24.6.
The above 2 moves were so nice to ride and this was made possible only through your precision and updates. A gift to you by HIM and you were magnanimous enough to share.
3. Jan 25th, 2024 to date exactly (so far)16 trading sessions from 14.59 to 16.73.
Even 3 will happen but might take time as it has become more complex.
The next expected move should take out last week's high of 16.84.
Once I thank you for giving us a perspective all these months/years.
Eagerly await to learn more. God bless you more.