Please see my post from November 7 - 2013 here first: http://theelliottwavesufer.blogspot.dk/2013/11/elliott-wave-analysis-of-dji-facebook.html
Well it seems as I nailed both the top i Starbucks and the bottom in Coffee in my November 7 post.
After a classic overshooting of the long term channel, we have now seen a clear break back into the channel and my Elliott Wave Count does support the top of wave III being in place at 82.39. If my Count is correct, we still need a break below 74.46 to add confidence to this Count, then we should see a decline towards the bottom of wave 4 of one lessor degree at 43.04 (also 50% of wave III). However, we might only see a 38.2% correction of wave III, which would call for a correction to 53.61.
Wave A likely ended at 1.01 and I'm currently looking for a break above the resistance line near 1.18 to confirm, that wave B is developing for a rally into the range of wave 4 between 1.50 - 1.92 (ideally 1.80, where wave B will have corrected 38.2% of wave A.
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