RIVIAN Accumulation before mega rally.

BATS:RIVN   Rivian Automotive
Last month (April 18, see chart below), we called for a short-term buy on Rivian Automotive (RIVN) but expected one more pull-back before the absolute bottom:

Since however the price broke above the 1D MA50 (blue trend-line) and closed a 1D candle above it too, we have to revise it and we consider April's low to be the bottom (Lower Lows trend-line) of the 1.5 year Channel Down pattern.

As a result, we expect a short-term Accumulation Phase, similar to May - June 2023, before an aggressive rally towards the top (Lower Highs trend-line) of the pattern. Our target is $17.00 (just below the 0.618 Fibonacci retracement level).


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