Rivian Update: Daily MACD Flashes Buy/Bullish Signal

Today may not have seemed that important, but to dismiss it as just another day is a mistake. As one of my followers mentioned earlier, MACD flashed its first green signal since 29 Dec of last year. I mentioned the other day the MACD line was about to cross the signal line, and that's exactly what we got today. Looking at the daily chart, it also appears we have our first 1-2 of our larger A of (C). There is still the possibility we're in an ED with OML to come, but that is seeming more and more unlikely. Not to mention all the good news that has been coming out about Rivian, mainly the R2 and moving into foreign markets, and the earnings coming up should help to be catalysts for this move higher. Should we make a new low I still feel it will be very marginal and only presents another buying opportunity. As mentioned earlier I bought another 5 calls today bringing my Rivian assets to 520 shares and 35 calls.

As you can see towards the top of the chart that is where I am projecting price to take us for (C). There is also the possibility price takes us all the way to the 1.618 but until I have more data I can't conclude for sure where our top might end up.

Tomorrow I will be watching closely and will update if fireworks happen. I also want to remind everyone that beginning February 23rd, I will be dramatically changing my posting schedule here on trading view. My final regular/normal posting will be on that day.

Comment:

Rivian isn't really giving any clues yet. Today was pretty lackluster so this post is still relevant. One reason for this could be Rivian's set-up is already complete. It may just be waiting on the rest of the market to raise giving it the boost needed to start its next pattern. Coinbase seems to be carving out its next bull pattern and Tesla is leaning that way it seems too. One potential problem I see, the S&P needs a move down and soon. Will this affect the counts on these tickers? I'm not sure but it is something I'm keeping in the back of my mind.

One thing I can say about Rivian is this is some very overlapping price action we're seeing. It is supposed to be corrective in nature, but I want to see it start to rise with strength soon or we risk dropping further to make a new low. As of now positive divergence is still intact.

Comment:

Price action today is encouraging but not definitive. For now, I await more data to make a decision on the ideal pathway. As I have said before, corrective patterns are always more complex than impulsive waves.

Comment:

Here is the next 3min MACD line I'm watching for us to breach to confirm we're headed much higher.