Why Enphase Energy Stock Has Been Falling For Over 950 Days

Enphase Energy ENPH is currently in the final stretch of its 18-Phase Adhishthana Cycle—Phase 18 on the weekly chart. The stock has now been in a downtrend for over 950 days, and its extended slump isn't random. Here’s what’s driving this underperformance, through the lens of Adhishthana Principles.

Enphase and the Guna Triads: The Breakdown

Under the Adhishthana framework, whether a stock reaches Nirvana, its highest point in the cycle, depends heavily on Phases 14, 15, and 16, collectively known as the Guna Triads. Principles require a clean, decisive bullish move, Satoguna, in these triads to activate the Nirvana rally in Phase 18.

But in Enphase's case, this did not happen.

• While Phase 14 showed a brief spike, it lacked the clarity and conviction of a true Satoguna. For most of the phase, the stock simply moved sideways in a tight consolidation.
  
• Phases 15 and 16 were even more telling, dominated by Tamoguna—bearish, downward action. These erased any lingering hopes from Phase 14.

This failure to exhibit Satoguna across the Guna Triads is the key reason the stock has remained under pressure in both Phase 17 and Phase 18, with no signs of a structural recovery.

“A Lack of noticeable Satoguna in any of the triads leads to no Nirvana in Phase 18.” —Adhishthana: The Principles That Govern Wealth, Time & Tragedy

Monthly Chart: The Buddhi & Yajya Move

Interestingly, Enphase has shown a much clearer alignment with Adhishthana Principles on the monthly chart.

In Phase 2, the stock executed a textbook Buddhi move. Phase 2 is divided into two sub-phases: Sankhya, marked by consolidation, and Buddhi, marked by breakout and rally. Enphase followed this almost perfectly, trading flat early on, and then rallying over 4600% once the Buddhi move began!

However, that explosive growth is now history. The stock is currently in Phase 3, and again, it has aligned with expectations. Enphase formed the Adhishthana Yajya: a peak followed by a deep correction that resembles a hand's arc. The stock has fallen by nearly 90% from its peak.

Phase 3 concludes on September 1, 2025, after which Enphase will enter Phase 4—a "no-action" zone under the principles, where fresh investment or aggressive positioning is discouraged.

Investor Outlook

Enphase's 950-day slump wasn't unpredictable it; followed the script laid out by the Adhishthana Principles.

• The absence of Satoguna across its Guna Triads on the weekly chart
  
• The textbook Yajya correction on the monthly chart

Both confirm that this downtrend has been structurally rooted, not just market noise. Investors should avoid the stock for now, as the current phase structure suggests that the weakness will likely continue in the months ahead—En’phase’ is simply in the wrong phase.

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.