🚗 Revving Up for a Rivian Rally? 📈🏁

🔍 The Dish on the Weekly Chart:

On the weekly chart, RIVN's been painting a picture that could be mistaken for modern art—a falling wedge paired with a diamond bottom, as intricate as a Thanksgiving dinner table setting. But what's cooking here isn't your grandma's turkey; it's a potential reversal feast! 🦃➡️📊 This isn't just any scribble; it's the ABCDE pattern of an Elliot Wave, suggesting we're gearing up for the grand finale of this pattern's sequence. And guess what? Wave E doesn't always need to kiss the wedge's bottom—it might just send a cheeky wink and zoom off. 😘🌊

• Pattern: The falling wedge and diamond bottom—like finding a hidden gem in a rock pile.

• Support: It's clung to the Fibonacci support levels like a Black Friday shopper to the last discounted TV.

• RSI: We're eyeing that downtrend line, waiting for a breakout like kids wait for Santa on Christmas Eve. 🎅

🔍 The Scoop on the Daily Chart:

Correcting for a Cruise Zoom into the daily perspective, and you'll spot an ABC correction that's like a pit stop for a turbocharged comeback. This recent detour could be the breather RIVN needed to hit the gas on higher highs. 🛣️🔝 We've got the same falling wedge and diamond bottom, but with a little extra seasoning—a bullish divergence on the RSI. It's hinting at a rally as eagerly as your uncle hints at his secret stuffing recipe. And there's a gap up to around $60, standing open like the door for latecomers to the holiday feast. 🍲

• RSI Divergence: It's bullish, like your mood when you see the dessert spread.

• Gap to Fill: At about $60, it's an open invitation, like your aunt's call to the dinner table. "Come and get it!"

So, what's the play here? If RIVN can gun it past the RSI downtrend line, we might see it take off like a rocket—no, not to the moon, but maybe to that $60 gap-fill zone. It's like targeting the front of the buffet line; you need to time it just right to get the good stuff. 🍴🚀

📊 Trade Idea for RIVN:

• Entry: Watch for RSI to break its downtrend line like a green light at a drag race. 🚥

• Stop: Consider your risk tolerance as your seatbelt—buckle up below recent lows. 🛑

• Elliot Wave & Falling Wedge: Keep an eye on the completion of Wave E—it's like watching for the home stretch in a marathon. 🏃‍♂️

• Targets:

  • For the conservative crowd, aiming for the top of the trendline around $22 could be your quick fuel stop—small gains, fast lane. 🏁

  • If you've got more patience in the tank, rev up for $33.49—like planning your route for those scenic byways. 🌄

  • For the long-haul drivers, $43.72 is on the map—think cross-country journey, eyeing the horizon. 🗺️

  • Aim for that gap around $60 like it's the last piece of pie—sweet, satisfying, and worth every bite.

• Tip: Keep your eyes peeled for volume as confirmation, like confirming RSVPs for the big family get-together.

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