SolarCity Corp (fka SCTY)

[reasondeep]

It is indeed shocking - but interestingly enough the chart is abiding by Elliott Wave patterns extremely well (indeed this downward move could have been seen coming by many Ellioticians but I failed to see it).

No one knows why Elliott wave patterns work, but there is a good bit of science behind it. Putting that aside, one thing I can imagine that happen here is a fund or two probably had very large positions, and in order for them to take profits they needed to sell into an influx of retail investors.

Based on the wave patterns we are nearly through with this move. I will not be surprised if it heads lower for today, but come tomorrow or early next week we should move up with good strength IMO.