Rivian has never been an easy stock to track. However, everything/everyone eventually reveals their secrets if you watch long enough. I believe we have been in a leading diagonal that started 15 May for our wave 1. As the title implies, I expect OMH before dropping. Neg divergence. would be a nice compliment to indicate this move is indeed over, but it is not required. After that drop we will begin a wave 3 of (3). To state that the move up will be powerful, is an understatement.
Technically speaking, wave 2's can retrace up to 99.9% of wave 1 and still be valid. That is not what I expect, and I will be watching structure very closely to know when to buy back in. What I want to see is a 3-wave correction into our target area. The normal retrace wouldn't put us lower than $13.89. Notice I said "normal."
I plan on buying back in the vast majority of my shares around the $14 mark depending on where we are at in the structure. If my plan works out, that will be an almost 2K scalp within a span of 1 week or so. By the time this Primary wave ((1)) ends, if price stays on track WITHOUT any extensions, 1000 shares stand to net you over 11K in profits.
I still have 200 shares I plan on selling on our next high.
In case y'all don't want to do the math, that is almost a 50% PROFIT!!!
If you want to know about even more opportunities for profit, check out my Tesla posts, and coming this week, NASDAQ coverage! Hit that FOLLOW button and set your alerts to know when I make my posts!
Bonam Fortunam, --Tyler
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Sold 200 shares @ $15.32
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Rivian is doing work on this A wave of 2. Should drop to around $14.40 or a tad lower before we pop back up to around $15 for b. Then down to around $13.10-$13.65 for c. These are "normal" retracement targets. Let's wait and see what happens next
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a-b look done. Headed down towards $13.80 area for c
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Buy order for 500 rivian shares @ $14. I think it will probably go a little lower but I am layering into this trade
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Canceled order. This rise up is either our b wave or wave 2 finished .02 cents shy of my limit order
Will your order fill? Looked like 14.03 was the low…
TSuth
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@bmwhitsell at this time I still expect it to come down more
Slappers
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@TSuth stop loss suggestion? wave 2s are tricky bc they can pull back so far
TSuth
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@Slappers I will just watch it in the beginning cause as you said wave 2's can be tricky. below $12.40 invalidates this count
Slappers
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@TSuth your count looks really good, but i still can't shake how both tesla and the nasdaq are in for lower prices yet rivian is in for higher prices; and rivian's been a laggard, so does this mean they're going to start to outperform?
TSuth
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@Slappers Always look at charts individually first. each and every graph does its own thing. Rivian, I think, is about the same place Tesla was in it's beginning. It recently found its bottom finally and is bouncing from that.
Also, keep in mind there is always the chance I'm wrong on Tesla. We just have to wait and see what happens
Slappers
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@TSuth, I keep doubting your primary count, and it always bites me in the butt.
TSuth
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@Slappers lol, I may not always be right, but I'm usually pretty close.
sriaishu
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@TSuth Very satisfying trade both RIVN and TSLA. Thanks again