Emeren Group LtdLong
SOL Elliot Impulse Wave
Updated
SOL has been continuing its rally since February 7, 2024. At the moment, I think it has completed the 1st wave of the Elliot Wave impulse wave and started the 3rd wave. As of today, I opened my long position and I think it will rally to a minimum of $ 3.
If it falls below $1.90, I will close my long position. I plan to close part of my long position around $3. For my remaining long position, I will decide according to the movement in those prices.
Emeren anticipates net income of approximately $26 million for the fiscal year 2024.
The company has also done a lot of share buybacks recently. Looking at the fundamental analysis of the company, I think that it is currently priced very low on the stock exchange.
If it falls below $1.90, I will close my long position. I plan to close part of my long position around $3. For my remaining long position, I will decide according to the movement in those prices.
Emeren anticipates net income of approximately $26 million for the fiscal year 2024.
The company has also done a lot of share buybacks recently. Looking at the fundamental analysis of the company, I think that it is currently priced very low on the stock exchange.
Trade active
I still maintain my long position. I think it filled the gap at $1.8. I think it made the 2nd wave of the Elliot impulse wave with its retracement from $2.48 to $1.8. My expectation is that the Elliot wave will make the 3rd wave and move towards around $3.If it drops below 1.5$, I will reconsider my opinion.
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