Todd asked me about SunPower, which I have looked at earlier. Please see my last post here first.
In my post from October 3 - 2013 I was looking for wave 5 higher towards the 38.2% or the 61.8% targets of the distance traveled from the bottom of wave 1 at 3.78 to the top of wave 3 at 27.65 added to the bottom of wave 4 at 20.58. The 38.2% target was clearly exceeded, but we saw an almost perfect test of the 61.8% target at 35.48 (the high came in at 36.25) followed by a quick reversal confirming the top.
From the top of 36.25 we have seen a decline to 28.12, which I Count as wave A and currently wave B is unfolding. I do think wave B is close to its termination close to 33.61 and should be followed by wave C lower towards the 38.2% corrective target of the five wave rally at 23.82, but a decline closer to the 50% corrective target at 19.98, which is just below wave 4 at 20.58 would be a more normal target.
Below is a 15 minute chart of the correction from 36.25. I do think the gap we have seen from 33.24 to 33.61 could be an exhaustion gap and could be reversed quickly, but to confirm that wave B is finished a break below 32.23 and more importantly a break below 31.60 is needed.
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