Rivian Update: is 1 finally done?

Dec 20, 2023

That is the question I have been asking for the last couple days lol. When I say wave 3's are the strongest I wasn't kidding. They are also usually the longest wave too, and this is just the beginning. As of now I have a complete count, we're on negative divergence, and we are in the area of a normal ending area for this extension. I have said multiple times that the 2.618 is a common spot for us to end. Well, as soon as we crossed that fib, we started to chop and came just $0.02 cents aways from the 2.786 fib. I believe this formed an ending diagonal to finish out our wave 1. Rather it needs OMH or not I am unsure as of now. These are all just signs though, and nothing has been confirmed. We could still easily move up towards the 0.786 fib @ $30.47.

If this is an ending diagonal, then the start of the retrace should be swift. This is a function of traders finally realizing they need to sell and giving up on the upside. Thus, the swift move is created. Because we are in wave (3) our retraces will most likely be small and quick in nature, not a rule just an observation I have made in other situations. Hopefully tomorrow we can start this retrace and have it only last a short time. Time will tell, good luck!

Bonam Fortunam,
--Tyler

Dec 20, 2023

Note

possibility this is going to be a very small flat ABC. If that is the case, then I will start layering in shares soon.

Dec 20, 2023

Note

4HR MACD is curling down and just flashed a bear signal

Dec 20, 2023

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I'm questioning if this is the c wave or the beginning of our retrace/end of ending diagnol since we made another slight high

Dec 20, 2023

Trade closed: stop reached

Stop limit hit. Sold 200 shares

Dec 20, 2023

Note

Seems as if the retrace has started and the initial move off the high was swift as forecasted. If this is to remain standard then we should ideally retrace to about the 0.382 @ $21.25.