Rivian has been very frustrating as of late. It just seems it doesn't want to cooperate. The question I started asking myself today; Is this count correct? Technically speaking nothing is invalidated as wave 2's can retrace up to 99.9% of wave 1 and still be valid. Thats not something which is common though, especially in a wave 3 of ANY degree. Today we came 0.24 cents away from our wave 1 low. Due to how deep this retrace has been I wanted to try and look at this from a new angle.
The ALT labels have changed slightly, but the overall thought of my ALT has remained. Another way this action could be interpreted (which seems very likely after today), the prior wave (1) is actually an (A) wave. That would mean what I called wave (2) is actually our (B) wave, and we are currently in the last machinations of wave B of (C). Regardless of if this is the case or not, I would expect this decline to end shortly and head higher. The big difference is b waves can go slightly past the origin of its respective a wave.
On the MACD I have drawn a line which is the most recent low it carved out on our last move down. If we drop below this line, then Rivian stock has some very serious problems. It would most likely be a sign made from insider selling signifying we are headed much much lower, and the company itself could be in some very serious trouble not unlike Fisker.
In doing some research earlier, I found that over the last 12 months insiders bought 1,059,923 shares and sold 1,797,602. However, in the last 3 months they have bought 439,174 shares and only sold 8,890. That equates to a net negative of 737,679 shares in the last 12 months but a net positive of 430,284. (Data retrieved from nasdaq.com) Are these insiders telling us something? Or is it pure coincidence? One thing is for certain, insiders have much more knowledge of what is coming then we do. They help to create the entire pattern we interpret as they are usually the biggest holders of a particular stock.
We will have to wait for what comes next to determine if this has all been corrective, or if we are in fact in a new bull run. As stated above, after today, I am leaning towards my ALT count. Until the primary has been invalidated or a clear corrective structure gets carved out though, I will keep my primary. Let's hope tomorrow is better to us.
The ALT labels have changed slightly, but the overall thought of my ALT has remained. Another way this action could be interpreted (which seems very likely after today), the prior wave (1) is actually an (A) wave. That would mean what I called wave (2) is actually our (B) wave, and we are currently in the last machinations of wave B of (C). Regardless of if this is the case or not, I would expect this decline to end shortly and head higher. The big difference is b waves can go slightly past the origin of its respective a wave.
On the MACD I have drawn a line which is the most recent low it carved out on our last move down. If we drop below this line, then Rivian stock has some very serious problems. It would most likely be a sign made from insider selling signifying we are headed much much lower, and the company itself could be in some very serious trouble not unlike Fisker.
In doing some research earlier, I found that over the last 12 months insiders bought 1,059,923 shares and sold 1,797,602. However, in the last 3 months they have bought 439,174 shares and only sold 8,890. That equates to a net negative of 737,679 shares in the last 12 months but a net positive of 430,284. (Data retrieved from nasdaq.com) Are these insiders telling us something? Or is it pure coincidence? One thing is for certain, insiders have much more knowledge of what is coming then we do. They help to create the entire pattern we interpret as they are usually the biggest holders of a particular stock.
We will have to wait for what comes next to determine if this has all been corrective, or if we are in fact in a new bull run. As stated above, after today, I am leaning towards my ALT count. Until the primary has been invalidated or a clear corrective structure gets carved out though, I will keep my primary. Let's hope tomorrow is better to us.
Note
Primary hasn't been invalidated yet but with this low we just made I think it highly improbable this is a wave 2 of 3. It's just to deep. ALT is now my primary. I'm still expecting a big retrace soon, but I feel it will be a c wave instead of wave 3Note
This is the cleanest 5-wave move I have seen from Rivian in a while. Let us see if we finally bottomed!
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
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
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.