Rivian Update: I love it when a plan comes togetherAs the title suggests, I love it when things work out lol. We have received some key indicators the last couple days suggesting my count is correct. For instance, the 3min MACD did NOT make a new high today despite it making a new high on the 1Hr chart. The previous high on the 3min MACD was with-in my wave iii count, right where it is supposed to be. That is a good indicator this move up is still wave 1 of (3). Also, the 1HR MACD is starting to curl down which is another indicator this move is coming to an end. I'm not saying this move up is done, only that if it isn't done already, it will be soon. I can count a 5-wave move for what I am calling our mini-wave 5 though, so this thing could easily start it's retrace tomorrow. That being said, it ain't over till it's over and we could continue to extend out to the 2.618 which is the most common endpoint for extensions. As most of my long-term followers know, I don't predict time as corrective waves can chop forever. One thing to remember though, if this is indeed wave (3), then retraces should be short due to the momentum of moving higher/being in the strongest portion of the count.
I could be one degree off technically and this could be the start of wave 3 of (3) just due to the shear strength of the move up. As I stated earlier though, I would have expected the MACD to show more strength if that was the case.
On the chart I have a target box for wave 2. I know it is a big box, but that is because the range in which we can retrace is great. Normally I would want us to at least hit the 0.618 retracement fib, but since we are in wave (3) it could easily only drop to the 0.382 retracement fib. Until I have the A-B wave's I cannot make a narrowed target. Once price carves them out, I will supply an update with that info. Due to the strength of the current wave though, wave 2 could literally be carved out with-in one pre-market session. I am not anticipating this, but something y'all should be aware of. Good luck everyone!
Here is the 3min chart with the micro labels.
P.S: Notice how all the sudden there is nothing but glowing news coming out for Rivian? AFTER I had already forecasted this move higher...food for thought.
Bonam Fortunam,
--Tyler
