$RIVN – At an Area of Interest –

RIVN closed today with a bearish engulfing candle, suggesting lower prices into tomorrow.

This chart is for anyone interested in the TA set-up that could take RIVN to its white (5) target around $32 by early October. The relationship between this potential white (a) and (c) are a bit too extended for my liking, but the count still works.

If RIVN can make a clean impulsive wave higher from this area of interest, then it could create a potential swing set-up as long as the retracement provides a low-risk entry.

IMO, RIVN should still follow this yellow count that will take it lower than today’s PA, but if it can carve out a clean 5 waves higher with a 3 wave retracement into the golden zone, then this yellow count could become secondary to the white count.

GLTA!