Rivian Finished Wave (1)
Today Rivian hit the OMH I said it would. It extended out almost to the 2.236 fib line, which was unexpected, but nonetheless...it was OMH just as I called for. From there we dropped down almost to the 0.382 which is a normal retrace spot for A wave retraces. We may have already bottomed in this A wave retrace though as the count looks complete. MACD also looks as if it could afford OML and then move higher for wave B.
As I said though, OML is NOT required. We could begin moving up for B wave at any time. That should end around the 0.236 fib line @ $14.67 and then head back down to the 0.618-0.786 area of $13.09-$12.45 for wave C of (2). That is where i plan to load back on up Rivian. I will most likely try to build into a position of around 500 shares for the wave 3 ride up.
Let's not get to ahead of ourselves though. Price must yet still prove itself. All this is assuming we have a "normal" retrace. Remember though, we are in a wave 2 so these patterns should be corrective. If at anytime we break out and move impulsively past $15.74 that means we have already bottomed and have begun moving upwards.
Once we get a wave (2) end point i can dial in more accurate targets for wave 3 but at this point I am expecting somewhere around $20-$25 dollars. Thats a 40-50% profit!!. Again though, be patient and wait for price to prove its intentions first.
Bonam Fortunam,
--Tyler
As I said though, OML is NOT required. We could begin moving up for B wave at any time. That should end around the 0.236 fib line @ $14.67 and then head back down to the 0.618-0.786 area of $13.09-$12.45 for wave C of (2). That is where i plan to load back on up Rivian. I will most likely try to build into a position of around 500 shares for the wave 3 ride up.
Let's not get to ahead of ourselves though. Price must yet still prove itself. All this is assuming we have a "normal" retrace. Remember though, we are in a wave 2 so these patterns should be corrective. If at anytime we break out and move impulsively past $15.74 that means we have already bottomed and have begun moving upwards.
Once we get a wave (2) end point i can dial in more accurate targets for wave 3 but at this point I am expecting somewhere around $20-$25 dollars. Thats a 40-50% profit!!. Again though, be patient and wait for price to prove its intentions first.
Bonam Fortunam,
--Tyler
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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