Rivian update
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The last couple days I have had to work, and they have been busy to say the least. It always makes trading hard when you can't analyze price action properly or watch it during the day. That being said, there was no way for most to foresee todays fall. I mean, pre-market started us out over 9% in the green. Then when market opened it absolutely tanked. By the time I was able to look at it, price had already fallen by over 2/share. My thesis on the reason price acted this way is people taking profits/shorting. The P/C ratio was 0.444 today though, so the vast majority are overwhelmingly bullish. We could still make a marginal low before raising to our next target so beware.
As you see on the chart, I left the original fibs used for wave i with the 2.618 line added. This shows that it extended/ended 0.07cents from that fib. The 2.618 is arguably the most common end point for impulsive waves that have extended. This is one of the main reasons I have labeled the move up to $19.10 as all apart of wave i. This hard drop is what I call a gut wrenching wave 2. Makes you real nervous if you're unsure of the count and/or are over extended. Don't get me wrong, I felt todays drop lol. But it isn't something that could wreck my account. You should NEVER use so much of your account in one trade you're scared for it. If you do you won't last long in this game.
Hopefully y'all saw my updates as I was able earlier and saw that these recent moves mirror Tesla's wave 1 of 3 quite closely. The drop today ended in between the 0.618-0.786 of wave i, stopped 0.01cents above the previous 0.382 (good sign), and currently are working with pos. div. on the micros. If we make another low, it should be minimal. I am off tomorrow and will be watching throughout the day.
P.S I will be going part time in December so I should be able to watch the markets more often and take advantage of more trading opportunities. Good luck everyone!
Bonam Fortunam,
--Tyler
As you see on the chart, I left the original fibs used for wave i with the 2.618 line added. This shows that it extended/ended 0.07cents from that fib. The 2.618 is arguably the most common end point for impulsive waves that have extended. This is one of the main reasons I have labeled the move up to $19.10 as all apart of wave i. This hard drop is what I call a gut wrenching wave 2. Makes you real nervous if you're unsure of the count and/or are over extended. Don't get me wrong, I felt todays drop lol. But it isn't something that could wreck my account. You should NEVER use so much of your account in one trade you're scared for it. If you do you won't last long in this game.
Hopefully y'all saw my updates as I was able earlier and saw that these recent moves mirror Tesla's wave 1 of 3 quite closely. The drop today ended in between the 0.618-0.786 of wave i, stopped 0.01cents above the previous 0.382 (good sign), and currently are working with pos. div. on the micros. If we make another low, it should be minimal. I am off tomorrow and will be watching throughout the day.
P.S I will be going part time in December so I should be able to watch the markets more often and take advantage of more trading opportunities. Good luck everyone!
Bonam Fortunam,
--Tyler
Bình luận
Still on pos div on the 3min. Gives support to a bullish rally soonBình luận
Don't forget, last night I mentioned OML was very possible. If the 1.0 @ $16.19 doesn't hold we head to $15.95 next.Giao dịch đang hoạt động
Limit order for 100 shares @ $15.96Giao dịch đang hoạt động
Order filledBình luận
P/C ratio is 0.37...I have a feeling when this rally triggers it will be super strongBình luận
At this time we have positive divergence on ALL time framesGiao dịch đang hoạt động
Bout another 10 calls5 with Dec 15 $20
5 Jan 19 $25
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Bonam Fortunam,
--Tyler
Bonam Fortunam,
--Tyler
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