The technology company Enphase Energy (NASDAQ: ENPH) is headquartered in Fremont, California. Enphase is a solar company that develops and manufactures software-driven home energy solutions. It creates, develops, manufactures, and sells residential energy solutions that integrate solar generating, storage, and management into a single intelligent platform. ENPH has increased revenues by 42.4 percent on average over the last three years. Gross margin was a respectable 44.6 percent in the previous quarter. We’ll take a look at the company’s Elliott Wave forecast below.
Enphase Energy finished a 5-wave move from the all-time low with Grand Super Cycle wave ((I)) at 229.04 on February 2021 peak. After that, the stock fell in Grand Super Cycle wave ((II)), ending at 108.88. In a new Grand Super Cycle wave ((III)), the stock has since surged higher. To verify this perspective, it must break above wave ((I)) at 229.04, which would rule out a greater double correction in wave ((II)). The rally from the bottom of wave ((II)) should stop in 5 waves as soon as wave ((II)) ends (I). Before the rally resumes, the stock should pullback in wave (II) to correct the cycle from the low of May 11, 2011.
The rally from wave ((II)) low is unfolding as a 5-wave impulse Elliott Wave structure on the daily chart above. Wave I finished at 146.76, and wave II’s pullback ended at 130.65, up from wave ((II)). The stock then starts its upward trend in wave III, aiming for 196.02. Wave IV is currently retracing in order to correct the rally in wave III before possibly one more push higher in wave V to complete the wave (I). Expect the stock to remain climbing as long as the pullback continues above 108.88./n
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