Rivian Update

Today Rivian fell $0.19 cents below the 0.786 retracement fib and ended $0.01 cent above the 1.382 extension. Thankfully the 1.382 held up at least for now, and the price action we're seeing off of that bottom looks promising. We bottomed on positive divergence, had a strong raise higher thus far (almost 5%), and structure is looking good for that move higher. Breaching the 1.0 @ $11.07 is a good first sign and then a breach of the 0.618 @ $11.63 bodes very well for this move up to be getting started. Should that be the (B) bottom, then we should raise to the 1.0 @ $14.30 at a minimum with the possibility of extending all the way to the 1.618 which is another very common end point for C waves. That means price would be raising anywhere from 36%-64% from the 10.53 bottom. These are the trades I like to take. My stop is $0.49 cents away with a potential upside of $3-$5.

With how hard many tickers fell today it would make sense to get a retrace of some magnitude starting tomorrow. Tesla appears to need at least a slight retrace too. That doesn't mean Rivian will rise higher starting tomorrow, but it wouldn't hurt Rivian's price action that's for sure.