Enphase Energy (ENPH) in wave (IV) Pullback

Enphase Energy (NASDAQ: ENPH) is a technology company with headquarter in Fremont, California. Enphase designs and manufactures software-driven home energy solutions for the solar industry. It designs, develops, manufactures, and sells home energy solution that connect solar generation, energy storage, and management on one intelligent platform. The stock has resumed to all-time high and continues to show bullish sequence. However near term, expect bigger and deeper pullback before it resumes higher. Below we look at the Elliott Wave outlook for the stock.

ENPH Weekly Elliott Wave Chart

Weekly chart of Enphase Energy (ENPH) above shows that the stock continues to extend higher and shows incomplete sequence from January 2022 low favoring further upside. Rally from all-time low ended wave ((I)) at 229.04 and pullback in wave ((II)) ended at 113.42. Internal subdivision of wave ((II)) unfolded as a running flat. Wave (a) ended at 108.88, wave (b) ended at 282.46, and wave (c) ended at 113.42 which completed wave ((II)). The stock has resumed higher in wave ((III)) with internal subdivision as an impulse. Up from wave ((II)), wave (I) ended at 220.99 and pullback in wave (II) ended at 128.67. Stock resumes higher in wave (III) towards 324.84. Wave (IV) is now in progress to correct cycle from May 2022 low before it resumes higher.

ENPH Daily Elliott Wave Chart

Daily Elliott Wave of Enphase Energy (ENPH) shows that wave (IV) is currently in progress in larger degree zigzag. Expect further downside before the first leg of the zigzag wave a ends. Then it should bounce in wave b before another leg lower in wave c to complete wave (IV). Ideally wave (IV) ends somewhere between 23.6 - 38.2% retracement of wave (III) at 249 - 278 and not go below 50% retracement of wave (III) at 226. As long as pivot at 113.4 low stays intact, expect the stock to resume higher and pullback to find support in 3, 7, or 11 swing for further upside.

Source: https://elliottwave-forecast.com/stock-market/enphase-energy-enph-in-wave-iv-pullback/