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Friday, May 17, 2013

Elliott wave analysis on SunPower

SunPower

Just a quick note on SunPower too.

With the test of 22.38 we have seen the top of wave iii of 3 and should now see wave iv back to 19.45 and maybe 17.64. As wave ii of 3 wave a deep correction we should expect a shallow wave iv and after an extension of 4,236 times wave i in wave iii we should not expect much more than the absolute minimum retracement in wave iv, which will be a 23.6% retracement of wave iii and that means a target near 19.45 however we could see a deeper correction in wave iv towards the 38.2% retracement, which would target 17.64 or just below the base-channel resistance line.

I think the most likely target will be 19.45 and the higher in wave v of 3 towards the first target for wave 3 near 25.11.

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