Rivian in a descending wedge pattern

20 Apr 2023

Rivian hasn't been doing so well. The stock price has suffered from a long and sustained selloff and is well below the book price per share of $14.90. The descending wedge pattern that's emerging may indicate that the company's fortunes are about to change. Maybe the EV market will take off suddenly, maybe Rivian will announce a new model or post a surprise earnings report, or maybe an acquisition is looming. Rivian is ripe for acquisition and I can think of at least two tech companies that would be interested in buying their way into the EV market. Apple (AAPL) has always been rumored to dive into the EV business and has the cash to buy them outright. Amazon (AMZN) is Rivian's largest investor and needs them to manufacture their electric delivery vehicle fleet. Either way, the descending wedge (known as a "terminal" in NEOwave circles) if confirmed is likely to result in a full retrace of the wedge in a time span of approximately 3 months.