Rivian Update: Are we there yet?

Rivian has been taking its sweet time to make this bottom, but all the while it is making some serious positive divergence. At the bottom of this post, you will find my 3min chart which shows we have been on pos. div. since Jan 2nd. As mentioned in my update earlier, we bounced right in between the 0.236 yellow fib and blue 0.618 fib lines. When I draw a fib extension for this first sub-division of our wave (3), it shows we should conclude right around the yellow 1.236 fib line @ $46.50, which is also a "normal" spot for this part of the motive wave to end. How long that will take, I have no idea. Judging from the current price action though, we should start the trek up there soon.

There is always the possibility this has all been the a of 2 but I find that highly doubtful. This would be a VERY deep a wave and not the norm...but not impossible. For this reason, I will keep it on the chart until we make a new high above our wave 1.

Looking at MACD, we need to stay above the bottom red line, and once this move up starts, it should breach the upper red line. On the main chart at the top, I have drawn a trend line from our wave i start to our wave ii end. Look at where todays price action bounced. Coincidence? I don't believe so and believe it is another sign this bottom is very close if not made today. I know I have said that a couple times recently, but that is because I keep getting indicators that the bottom is possibly carved or imminent. Things signs just keep piling up and reinforcing my thought process and resolve. Regardless of if this is the bottom or not, we are at minimum due for a decent retrace.

This also goes to support my strategy of slowly building into a position. If you just spend your entire trade allocation at one time you get worried when price drops at all. By entering slowly, I see it as an opportunity to lower my buy in and acquire more before we launch. I still remember y'alls reaction when we took off the first time, the second time, and now about to be a third time. Hopefully by now, you are learning how to better enter and exit trades as I have been too. God saw fit to teach me EWT, and I for one will not stray. I will continue to have faith in this strategy He has shown me. If the count is wrong, we will see it in the structure. When this takes off for wave 3 of (3) I WILL be ready and positioned. Will you?

Good luck everyone!!

Yorum:

This most recent price action has me wondering if we are in an ending diagonal. It would explain the choppiness and overlapping in the count. We will soon find out either way.