Did Rivian Finally Bottom???

I had a follower ask me about Rivian as it has been a while since I have updated you all on its price action. On 26 April, we hit a low of $11.68 and have thus far retraced impulsively with only OMH needed to complete this wave (1). After this wave (1) completes, we should head down for wave (2), which ideally should be a 3-wave pattern into the 12 - $12.25 area.

My ALT count suggests we haven't bottomed yet and this is still wave IV with OML to follow. The ALT endpoint is labeled by a yellow box with the count in turquoise.

I went ahead and bought 100 shares today @ market price to start because $0.4 is nothing if my count is right. Once my count gets validated, I will increase my holdings on the wave (2) retrace. If it is wrong, and we take off like a rocket (still right thesis), I would have at least obtained a small position at these prices. If Rivian still hasn't bottomed (ALT count) and we drop for another low...well that's what we use stops for. In which case, I would just buy again at my ALT bottom.

Bonam Fortunam,
--Tyler

Comment:

We tagged the 1.786 to the cent and then turned back down. I still feel we have OMH left in us but it is not required. After Rivian tops it should retrace in a 3 wave declibe