Today's Support and Resistance Levels:
R3: 140.24
R2: 139.89
R1: 139.66
Current Spot: 139.08
S1: 138.88
S2: 138.17
S3: 137.54
Technical Summary:
The decline from 140.30 is not the ideal fit that I would like, but I will give the downside the benefit of the doubt and look for more downside pressure as long as resistance at 139.66 and more importantly as long as resistance at 140.24 protects the upside. Short term it will take a break below 138.88 to confirm renewed downside pressure towards 138.17 and lower towards 136.22. Any break above 140.24 will prolong this this rise and indicate that wave B of a flat correction is developing.
Today's Support and Resistance Levels:
R3: 1.6525
R2: 1.6460
R1: 1.6430
Current Spot: 1.6388
S1: 1.6351
S2: 1.6299
S3: 1.6253
Technical Summary:
I do think the triangle X-wave did end with the test of 1.6253, but we do need more evidence in form of a break above resistance at 1.6525. Short term a break above resistance at 1.6388 will be the first good indication, but only a break above important resistance at 1.6525 confirms the bottom for a rally higher towards 1.6787 and higher. However, as long as resistance at 1.6388 protects the upside one last decline closer to 1.6250 can not be excluded, but I think it is unlikely. Under no circumstances can a break below 1.6214 be allowed.
Hi EWS, I was just wondering if you are following SPWR anymore. It looks to me like it may be in the beginning of a big move upward, but I am thinking your charts recently concluded that the waves were complete and we should expect a downward movement.
ReplyDeleteHi Todd,
DeleteI still think that a firm top is in place and that a larger correction is developing.
I have updated my view on SPWR and posted it on the blog.
Kind regards
EWS