Rivian Update: Start of 3 or bSome of my posts contained some contraband and were removed. The text has been removed and I am just re-posting so y'all can still see the other information.
As the title suggests, this is the next question we should be asking ourselves. Again, the structure is what will tell us this. The move up we got yesterday from $19.66 was clearly a 5-wave move followed by a corrective move down in pre-market. Was this the start of a retracement or a new impulsive move higher though?
We are getting a pretty deep move down this morning, but wave 2's can retrace up to 99.9% of wave 1 and still be considered valid. This is not typical but nonetheless can absolutely happen. If we start to raise up from here, then we will have our answer. A new low below $19.66 and that tells us the move down wasn't quite complete. We still have positive divergence at this time in the micros though, so a move down is not what I expect. Structure will determine where we are headed, and I suspect we will get our answer today. For now, we are still hitting our standard/normal fib levels and the overall larger count is still very much intact.
I currently own 450 shares and will most likely hold them for a while. If/when I sell them, I will update that on here as always.
