The strength Rivian has been showing as of late is promising. However, price still appears corrective. Also, we still didn't breach the prior high the MACD made on 22 Jan. Price has been overlapping and didn't breach the 23 Jan high. These mentions I make of MACD / price aren't required yet with this count but are signals Rivian will most likely move lower before higher.
With EWT, it takes emotions off the table (or at least should), and just looks at raw facts/price action. News/fundamentals are already baked into the chart. Not saying they're unimportant as some of the best traders in the world use fundamentals. EWT is in its own league though.
The daily MACD was able to raise a little giving us some more breathing room as far as that's concerned. I mentioned in a prior post, these last moves higher could be a couple 4-5's to get MACD to raise a little on the daily before the final low. That final low should be a quick drop before raising higher in (C). I would love for the bottom to be in, but EWT is suggesting another low before that happens. With all the uncertainty it could be masking/skewing this last raise higher as I do believe it is a larger corrective pattern. Without more data I can't be certain, but I would be prepared for another drop lower to the 0.786 @ $14.13. If this happens, as I said in a prior post, I will be buying calls in mass. These will most likely expire 2-3 months from the purchase date.
I will update tomorrow as able. Don't forget starting March 1st my posting schedule will alter dramatically on here.
With EWT, it takes emotions off the table (or at least should), and just looks at raw facts/price action. News/fundamentals are already baked into the chart. Not saying they're unimportant as some of the best traders in the world use fundamentals. EWT is in its own league though.
The daily MACD was able to raise a little giving us some more breathing room as far as that's concerned. I mentioned in a prior post, these last moves higher could be a couple 4-5's to get MACD to raise a little on the daily before the final low. That final low should be a quick drop before raising higher in (C). I would love for the bottom to be in, but EWT is suggesting another low before that happens. With all the uncertainty it could be masking/skewing this last raise higher as I do believe it is a larger corrective pattern. Without more data I can't be certain, but I would be prepared for another drop lower to the 0.786 @ $14.13. If this happens, as I said in a prior post, I will be buying calls in mass. These will most likely expire 2-3 months from the purchase date.
I will update tomorrow as able. Don't forget starting March 1st my posting schedule will alter dramatically on here.
Comment:
Not really any new information from this last post. One difference between Tesla and Rivian though is Rivian has pos div on the macro & micro count. Another difference between the two, is I am counting Rivian in a larger corrective count vs. Tesla in a larger impulsive count. What does this mean? I expect Tesla to make a CLEAN 5-wave count higher to kick it off whereas Rivian should be starting a smaller a wave of (C) and therefore can be sloppy. I would prefer it to be a strong start due to A waves of any degree usually printing the strongest MACD reading. Ultimately though, a clean pattern is not required for a waves. Below is a micro look at our most recent price action.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
