As I mentioned in my last update, we very well could be in an ending diagonal. Looking at the price action from last week, the descent was very choppy and overlapping. Generally speaking, ED's are 5-wave motive waves, made up of 3-wave moves. Wave 3's are usually more exaggerated compared to the rest of the motive wave, but there aren't really any rules governing ED's aside from wave 4 "slightly" overlapping wave 2. ED's are usually very difficult to distinguish from until they are nearly complete. They're the biproduct of indecisiveness and occur at the change of a trend. In this case we're finishing our c-wave and about to head up for wave 3. Many people have doubts about Rivian's ability to thrive in this market which could very easily be the reason for the ED.
One thing I seem to notice about stocks, is right before they take off, all the sudden good news starts to show up in news/articles. This weekend I started to see more and more articles complimenting Rivian and how it is in a good buy area for the price target analysts have set for it. People are mentioning how Rivian has beat production estimates and always seem to beat wall street's expectations for earnings. This, combined to where we are in the count, gives me great confidence this week should be a good week for Rivian. Again, I am no fortune teller. I interpret charts and make the best conclusions I can out of the information I am given. I am also not able to predict "when" things will happen, but only that they "will likely" happen.
I have placed a question mark next to the mini 5 because it could easily make another slight low if this is in fact an ED. The move up off of that low doesn't appear impulsive to me, but another thing I have mentioned is micro counts can be deceptive. RN Elliot theorized that all price action is fractal in nature, but I highly doubt he had the access to 3-minute charts as we do. My best guess is he had 4Hr and up charts for the most part with a possibility of hourly charts. Looking at the 1HR chart we have what could be considered a 1-2,1-2 or looking at the 4HR chart we just have 2 small green bars. From these larger pictures, it is impossible to know if we have bottomed yet or not. One thing I can say is, MACD has been on positive divergence for some time now, so when this thing finally takes off, I expect it to have the power of a wave 3. Until then I will continue slowly adding to my position averaging down for lift-off.
Current Rivian Assets:
500 shares
20 Calls
Friendly Reminder: Beginning March 1st (~7 weeks), I will be dramatically changing my posting schedule here on trading view.
One thing I seem to notice about stocks, is right before they take off, all the sudden good news starts to show up in news/articles. This weekend I started to see more and more articles complimenting Rivian and how it is in a good buy area for the price target analysts have set for it. People are mentioning how Rivian has beat production estimates and always seem to beat wall street's expectations for earnings. This, combined to where we are in the count, gives me great confidence this week should be a good week for Rivian. Again, I am no fortune teller. I interpret charts and make the best conclusions I can out of the information I am given. I am also not able to predict "when" things will happen, but only that they "will likely" happen.
I have placed a question mark next to the mini 5 because it could easily make another slight low if this is in fact an ED. The move up off of that low doesn't appear impulsive to me, but another thing I have mentioned is micro counts can be deceptive. RN Elliot theorized that all price action is fractal in nature, but I highly doubt he had the access to 3-minute charts as we do. My best guess is he had 4Hr and up charts for the most part with a possibility of hourly charts. Looking at the 1HR chart we have what could be considered a 1-2,1-2 or looking at the 4HR chart we just have 2 small green bars. From these larger pictures, it is impossible to know if we have bottomed yet or not. One thing I can say is, MACD has been on positive divergence for some time now, so when this thing finally takes off, I expect it to have the power of a wave 3. Until then I will continue slowly adding to my position averaging down for lift-off.
Current Rivian Assets:
500 shares
20 Calls
Friendly Reminder: Beginning March 1st (~7 weeks), I will be dramatically changing my posting schedule here on trading view.
Nota
3min MACD trend lineDagangan aktif
5 calls boughtNota
OMH and that's 5-waves upNota
Still need OMH for a 5-wave move higher. This wave 4 has been long and should remain shallow for alternation with the wave 2. The box I have drawn would be an ideal spot for price to bounce and hit that OMH before a 3-wave retrace. If this happens that will be confirmation of a bottom
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Go to ewtdaily.com for DETAILED DAILY UPDATES on 27 unique tickers and a daily zoom call with members to discuss latest analysis and get a 7-day FREE trial
Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.