FEYE, FIT, FSLR updates 08/04

FEYE: Can be counted as having completed 5 waves up, but the 5th waves is rather unorthodox, as it’s hard to count 5 up. Nevertheless, price made a higher then and was rejected at previous resistance (red line). Support is now at the 200d SMA, which is rising.

feye daily

All systems -on the weekly chart below- are on a sell (pointing down), so we’ll have to let this one work it’s way down until buy signals re-emerge. The Big picture count looks complete, but one stab lower can’t be exclude entirely. Hence, once buy signals set in, it should be a nice buy for a longer term hold.

feye weekly

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FIT: Popped nicely on earnings yesterday, but price is still below the 200d SMA and it is therefore IMHO not yet ready for a long consideration. Odds simple increase of “good things to come” with a move back over the 200d. No guarantees; just increased odds. Hence, we’d let this one play out until then. Remember: the money is made in being on the right side of the trend, not by trying to pick tops and bottoms.

fit daily

Like FEYE, also FIT counts as complete in the bigger picture, but it needs that >200d SMA confirmation to be more certain, though the weekly TIs are starting to look constructive. All in all, even if we give this one some more time, and not jump the gun, it’s clear there’s a lot of upside left 🙂

fit weekly

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FSLR: so far only 3 bigger (blue) waves up that stalled exactly at prior resistance and the 100% extension. Thus, this could have been a corrective ABC rally with C=A, or we should see a drop to around $44 and then a final rally to high $40s for wave V. Hard to say as an 5-3-5 ABC counts exactly the same as a I, II, III, IV, V 5-3-5-3-5 impulse… Hence, why most people take profits at the wave III high just to be on the right side and not waste their profits. Note a move back above the III/C high from current levels is not the bigger impulse I look for. It will simple mean that wave III/C is subdividing from a 5 to a 9 wave.

FSLR daily