Rivian Update: 1/28/24

29 Oca

There isn't much to add from my last post. Price action since Thursday of last week seems corrective to me and so I am counting this as our final wave iv of 5 of C of (B). We could have technically bottomed already but the most recent price action doesn't suggest that to me. If we do get one more low, I would like it to ideally be fast and then a strong move higher. The reason I say this is due to the daily MACD. It still hasn't crossed my threshold but is very close. One-two more red days or a strong red day and I believe it will breach it.

The orange fibs you see on the chart are just tracking this last 5-wave move lower. As you can see there is quite a bit of fib resistance in this area. This confluence is a good thing as it acts as strong support. There has started to be an awful lot of positive news coming out for Rivian as of late such as the R2 and the Apple exec coming onboard to help. We shall see soon!

29 Oca

Not

With how high price is rising, it could be indicating the bottom is in. Still no confirmation though so be careful.

29 Oca

Not

MACD made a new high today on the micros and with how high price rose, we either need another wave 5 or we have bottomed. Today looks like corrective price action but micros can be deceiving as I have mentioned in the past. The larger term charts suggest a bottom is in, but we don't have confirmation. Until we get that confirmation or at least some major clues stay on your guard. Check out how close the daily MACD came to crossing my line.