I'm going to be busy the rest of today and all tomorrow so I wanted to get this out to you now. The main chart I have on display is the daily showing where we are headed next for our wave 3 of (5). Another reason I wanted to show the daily was for the candle that formed today. Again, I don't subscribe to this type of analysis, but knowing different forms of analysis only helps one grow in their ability to predict markets. The daily candle formed today is called a bullish hammer and is one of the top signals to foretell a big move higher is coming up. This, combined with my thought of us being so close to a wave 2 bottom, helps to give me extra confidence and clarity in the count. Also, look at the daily MACD. It is starting to curve to signify a change in trend is likely about to start. We're also in the target box for a standard retrace despite my thoughts we would get a shallow wave 2.
On the below 3min chart, I have labels showing we have so far carved out an impulsive looking 3 waves with a 4th that is almost complete if not already. If we can get the OMH I mentioned earlier (wave 5), followed by a 3-wave corrective move down (abc), that will be the confirmation we need to say the bottom is in fact in. How big these moves will be I do not know. Until we have that confirmation though we can still drop further. The next fib resistance we have is the 0.786 retracement @ $16.78. I will update as able tomorrow but can't make any guarantees.
P.S I bought another 20 shares with my smaller account today to lower my avg cost/share. I also bought those 5 calls I mentioned earlier.
Total Rivian Holdings:
520 Shares
25 Calls
Friendly Reminder: Beginning March 1st (~7 weeks), I will be dramatically changing my posting schedule here on trading view.
On the below 3min chart, I have labels showing we have so far carved out an impulsive looking 3 waves with a 4th that is almost complete if not already. If we can get the OMH I mentioned earlier (wave 5), followed by a 3-wave corrective move down (abc), that will be the confirmation we need to say the bottom is in fact in. How big these moves will be I do not know. Until we have that confirmation though we can still drop further. The next fib resistance we have is the 0.786 retracement @ $16.78. I will update as able tomorrow but can't make any guarantees.
P.S I bought another 20 shares with my smaller account today to lower my avg cost/share. I also bought those 5 calls I mentioned earlier.
Total Rivian Holdings:
520 Shares
25 Calls
Friendly Reminder: Beginning March 1st (~7 weeks), I will be dramatically changing my posting schedule here on trading view.
Note
Just getting a look at price action so far today. It's been a doozy to say the least. I will give an update tonight.
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
Related publications
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
Related publications
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.