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Fan Yang

Sunpower (SPWR) - Expecting Further Decline Before Support

Sunpower (SPWR) is still bearish. In the daily chart, we can see that it is at least still contained in a bearish correction structure, which has now evolved into a falling channel. 

SPWR Daily Chart 11/30

(click to enlarge)

We can also anticipate this bearish correction to have an ABCDE structure, which would complete a conventional Elliott Wave count for a major correction like the current, which started mid-2014. 

Note that the current 2015-low around 18.00 is near the 61.8% retracement of the late 2012 to mid-2014 rally. The 76.4%-61.8% retracement level will be a key one for the consolidation since 2014. 

For now, price action continues to favor more downside risk, but if price falls below 18.00, we should start monitoring for support in the 12.50-15.00 area. 

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