Solar Edge Tech. (SEDG): Correction is Overdue

SUMMARY

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Following an ABC flat correction, Solar Edge Tech (SEDG) skyrocketed, pausing only momentarily to put in wave 2 adn 4. Wave 5 is nearly and if not already complete. Here is an example of an extended wave 1 (white). Look how wave 3 is shorter than 1 but still longer than 5. Thus, it meets the requirement that wave 3 can't be the shortest. Do you think this chart screams a buy?

A correction approaches, IMHO. The Cup & Handle bullish pattern helped propel SEDG to new all time highs by impulsing but that is nearly complete. The red ABC waves show a projected corrective price pathway; however, there is a good chance that the retracement can be deeper than depicted. Perhaps the correction could reach the prior wave 2.

The MACD also looks very toppy. This might not be a safe environment to stick around. While there is room for a bit more higher highs for white wave 5; I usually leave the crumbs on the table for the next guy.

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