Rivian Update: Did we get a set-up today? for NASDAQ:RIVN by TSuth

Today someone commented on my Tesla post saying I am always calling for the stock to go up/down or down/up. Well yea, that’s kind of how markets work. If you don’t understand how they move, maybe you should study a little bit before making trades. I also want to reiterate one of the most important trading qualities people can have, patience. It is not necessary to trade every mechanism with-in the markets. Wait until you have a good risk/reward ratio before entering, and even then, you should use stops to protect your assets. It’s kind of like gambling. Are you going to bet everything on two pair? If so, let’s play some poker, because I’ll have patience and wait until I have four-of-a-kind. IDK about y’all, but I’m in this to make money not give it away. Bluffing doesn’t work in this business, and you will lose your ass every time. That being said, let’s talk action.

Yesterday we got a strong move up to $24.62 and then dropped to $23.14. This could either be a surprise b or the start of a i-ii, 1-2 as I said in an update. MACD is what makes me think we should head higher tomorrow for our wave iii, but until we make a new high in price & MACD, we don’t have confirmation. I have said since the beginning of this move up @ $15.12 that it was very possible to extend to the 0.786 fib @ $30.47. Well, we have already extended past normal targets on a micro scale as well as the macro. Price made it past the 0.5 fib and is coming up on the 0.618. Also, we are inside of the target box for our wave 1 ending. Sure, when you boil down to the micros it can become confusing and give false signals but check out the weekly below.

See the strength of the last move up? It isn’t even showing a micro-wave 4 yet for wave 1 of (3). This is another clue that is leading me to believe wave 1 isn’t done yet. My expectation is for it to hit the 0.618 or slightly past, before carving out the micro-wave 4 and then rising to the 0.786 to finish wave 1. Don’t get me wrong, I’m not a fortune teller and will never pretend to be. I look at markets and make assumptions based off of the price action I see. When I get a clear picture, I make a move. If the picture is hazy, I stay out and protect my capital. If that means I go 3 weeks without making a single trade so be it. I know that when I do finally make another trade, I will have a high probability of making money, which is why I do this. Enough of my soap box tonight. God bless and good luck everyone. Please use patience and stops. I can’t stress them enough.

P.S: If you think this market is hard to trade, just wait until next year when it starts a multi-decade corrective structure to the downside.