FSLR, update


In June we suggested a target price of $50 on the basis of the above triangle. We updated a few weeks ago with the message that we are not there yet. A few days ago we were there, here is the chart;

fslr oct 25 2011

The low a few days ago was accurate $50 , but more importantly it is possible to come up with a plausible 5-wave count for this c-wave, with the 5th extended. A rebound to $75 or so would be normal from here. Higher levels are possible, but, as there is no alternation between waves 2 and 4 there is a good possibility that the above count is simple wrong. This could be wave 4 of 3 leaving a lot to go down.