As of right now, SolarCity looks like its in a massive flag on the weekly. Its hard to count EW with an equity that has only been around since 2013, but I'm going to go long soon, and see if this flag plays out. I have a triangle target of around 87, but it will become more accurate to measure from when (if) this e wave completes its down turn, and bends up.
Im looking for entry soon with a tight stop below the a-c trend line (around the 40-45 zone). RSI is already oversold on the daily.
Also good to keep an eye on other solars in the sector! See if they are also due for a rebound.
Would love to hear some opinions from other Elliott counters!
Well done! What would your entry criteria involve? Buying over the b-d trendline? Stop loss levels? I like the count, just curious if you'd add your trading strategy to the chart. Thanks!
Nathanael
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Thanks Tim! Buying above the b-d trendily is a solid entry point. At this time, Im just looking for a bounce with volume, then setting a stop loss a little below the a-c trendline (around the 45/40 zone)
Wave "e" always tends to over/under shoot, so its best to wait for confirmation then go long. If you zoom into the triangle, my target is the next fib (which was taken from the previous triangle waves) is around the 48 zone. Im going to see what happens there. Also, we are in oversold RSI on the daily, so I'm expecting a turn around soon.