TSuth

Rivian Weekend Update

TSuth Updated   
BATS:RIVN   Rivian Automotive, Inc.
Rivian, much like Tesla has a couple different counts that are possible where we're at right now. In the bottom right of the chart there is a key labeling the different counts. ALL three have an equal chance of coming to fruition. They're also all very similar to each other but the details are important to the long-term count.

Primary suggests iv is done and we're headed up for v to our next target in the high $17 - low $18 area. MACD, fibs, & structure support this count the most IMO.

1st ALT suggests wave iv isn't done yet and we should head a little lower to the yellow box before heading up for wave v of C of a. Normally you won't see MACD go much below the zero line during wave 4's though so I'm skeptical of this count.

2nd ALT states we already topped in a larger a wave and are about to head lower for b to the $15 area. MACD supports this count and fibs/structure also support this count.

I know, there are many possibilities from here. As I have said in the past, corrective patterns can be complex and difficult to count. This isn't necessarily complex right now, but there are just too many options to make a definitive decision. One thing to take away from this, though without 100% confirmation, I'm saying the bottom is in! I am holding my positions right now and if price falls to the yellow box I may buy in more, and if it falls to the orange box I will 100% buy more shares.

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:
Sorry I can't update as much today, but downgrade or not, we expected this price action today. It should be of no surprise to anyone.
Comment:
Kinda looks like orange count is playing out. I can't say for certain but will be able to look closer later tonight in my normal post

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