Rivian Update: 02/04/2024

Rivian's structure looks much like Tesla's. The difference between the two, I still feel Tesla is within a larger bull count, whereas I feel Rivian is within a larger corrective count. This makes me much stricter on the structure Tesla carves out vs Rivian. Rivian's next move higher will be that of an A wave which can appear as a 3 or 5 wave move. This can appear corrective or impulsive in nature. The chop down from the 29 Jan high doesn't appear as an ED but instead as a corrective structure lower. With how Tesla can affect Rivian though, it can easily pull it down with it.

Looking at the daily MACD, the MACD line is about to cross the signal line. This is a bullish indicator and tells us the next larger move up will begin soon. The big question is, will we make another low first or head higher next. IDK the answer to this right now, but I do know the move higher marches closer and closer. I expect the S&P to start its b wave lower this week so I imagine it will pull on Rivian at least slightly.

Comment:

Nothing much to add to this post. One thing I want to point out, is even though Tesla made a new low today, Rivian didn't. Does that mean Rivian has indeed made its bottom? That is very possible, but if not, I would expect it to be marginal. To me this seems like an a-b wave from the last bottom and if that is the case the next move up should be very strong. Something I would also expect to come from a larger a wave. Another big point I want to make, Rivian has positive divergence on ALL time frames.

Trade active:

Added 5 calls exp Mar 15 strike $25