Rivian Update: Did we bottom yet?

31 Okt 2023

Today I bought another 20 calls that exp 01/24 with a strike of $25. That gives me a total of 40 calls @ $0.40cents avg price. If price makes another low, I might just buy another 10-20 calls. Today however, we hit $0.01 from the 0.786 fib retracement and proceeded to have a pretty strong retrace after that. On the 3min chart we came just shy of making a new high on MACD. Had we made that new high, I would say probability we bottomed to be high. Since we didn't, I would say there is a 50/50 shot at this time. Should we continue to raise tomorrow and make that new high then it will be a nice big indicator we're headed up.

Until we get our answers, I am content with my positioning. Should price move in my favor this will be a very lucrative trade. Good Luck all!!

Bonam Fortunam,
--Tyler

31 Okt 2023

Nota

First line breached

31 Okt 2023

Nota

This is a micro 5 wave count right here. It needs to be followed by a 3 wave retrace and then take off impulsively. That will confirm we have in fact bottomed in wave II and started wave ((1)) of III.

2 Nov 2023

Nota

LOOKING GOOD!


Here is the 3min showing we breached both lines I made on the MACD