Today was a good start but nothing is confirmed yet. We raised strong early in the day and then spent the remainder meandering down. I had mentioned in a comment that we needed to watch the 0.618 fib @ $16.65 as a possible resistance level. Well, as you can see on the 3min chart at the bottom, we smacked into it and then got rejected. I was hoping we would drop no lower than $16.11 which would have meant it was a mini wave 4 in a micro-1. The fact that we did drop lower means this was either all a mini-wave 1 or mini-c-wave higher in wave iv of C of (B). What does that mean? It means we didn't get any concrete answers today. This retrace could have been a function of either my primary or ALT. As I said, this was a good start though. The reason I say that is how high the MACD rose on the 3min chart below. The strength that it showed is very promising the bottom is in. Price also carved out a bottom on pos div. which is needed to have a trend change.
On the main chart above, MACD looks to be starting to curve higher. I expected today to be green if you recall from yesterday's post. Rivian needed a green day to get the daily MACD to start changing direction. Should tomorrow be red again, MACD will once again be in danger of creating a new low on the daily. If it crosses my red line, then that suggests Rivian is in some serious trouble. I have my stop still in place for $15.50, because I feel if we drop below that, there is a very good chance price will fall all the way to the $13 area.
If this has all be the a-b waves of iv then the clues will be in MACD. If it at any time MACD creates a high above todays on the 3min chart, that will be a clue that the bottom is in. If price makes a new high and begins to fall without MACD making a new high that leads credence to a wave iv. I'm hoping tomorrow we finally find out for sure. I will be watching for us to breach the $17.12 high within the next couple days.
On the main chart above, MACD looks to be starting to curve higher. I expected today to be green if you recall from yesterday's post. Rivian needed a green day to get the daily MACD to start changing direction. Should tomorrow be red again, MACD will once again be in danger of creating a new low on the daily. If it crosses my red line, then that suggests Rivian is in some serious trouble. I have my stop still in place for $15.50, because I feel if we drop below that, there is a very good chance price will fall all the way to the $13 area.
If this has all be the a-b waves of iv then the clues will be in MACD. If it at any time MACD creates a high above todays on the 3min chart, that will be a clue that the bottom is in. If price makes a new high and begins to fall without MACD making a new high that leads credence to a wave iv. I'm hoping tomorrow we finally find out for sure. I will be watching for us to breach the $17.12 high within the next couple days.
Comment:
It looks to me that there are two possibilities for this price action. We either carved out a leading diagonal, or this is an abc destined for lower prices. I think the answer is coming soon.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
