$RIVN
Added 2023-10-05 10:19:21 +0000 UTCIs down in the PM on news that they are planning to sell $1.5 Billion of convertible bonds....this is not uncommon but will certainly affect the price in the short term.
We saw $FSR recently did something similar and dropped but recovered almost entirely on the same day.
That being said, we have warned of this set up last week and that the corrective red ABC wave is still a possibility and now it is more likely.
But look where Wave C is ending, where the 0.618 Fib and 200 Day MA are on course to meet.
So this would be considered a strong confluence level and an ideal area to add or start if you like $RIVN.
Comments
Today low was almost exactly your wave C ! I’ll see if this can hold and will definitely add.
Peter Mocca
2023-10-05 22:29:07 +0000 UTC
