Elliott wave analysis of Sunpower

Sunpower:

Please see my last post of Sunpower here first: http://theelliottwavesufer.blogspot.dk/2013/07/elliott-wave-analysis-of-sunpower-corp.html

We did see a break above 26.00, but only made it to 27.65 in wave 3 and wave 4 turned into an expanded flat correction, which ended at 20.59 (almost perfectly on the base-channel resistance line). I think it's safe to say wave 5 is developing and the first target would be near 29.83, where wave 5 is 38.2% of the distance traveled from the bottom of wave 1 to the top of wave 3 added to the bottom of wave 4 and possibly higher towards 35.48, where wave 5 will be 61.8% of that same distance.

Elliott said, that we should normally expect one of the waves to extend and wave 3 clearly has extended here, but in rare occasions we will see two wave extend and it could happen here. Remember after and extended flat correction we will often see an extended wave. If wave 5 is to extend too it will take us even higher towards 44.63, where wave 5 will be equal to 100% of the distance from the bottom of wave 1 top the top of wave 3 added to the bottom of wave 4.