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Today's Free Elliott Wave Analysis : Starbucks - Short Term Count

Written by Elliott Wave Surfer
Category: Starbucks

Starbucks Short Term Count - Since the 82.49 high a major correction has been developing. This correction will not only correct the rally from 43.04 to 82.49, but the entire rally from 7.06, which should prolong this correction time wise and price wise. However, the first small corrective target at 38.2% of the rally from 43.04 to 82.49 has been reached. After a wave ii correction towards the 73.31 - 74.54 area a new impilsive decline towards 63.73 and likely even lower towards 57.08 should be expected.

Starbucks Short Term Count

Since the 82.49 high a zig-zag correction is developing. This correction is not only correcting the rally from 43.04, but the entire rally from the 7.06 low in November 2008 (see the long term count in the member area). This will call for a prolonged correction both time and price wise. However, for now we have reached the 38.2% corrective target of the rally from 43.04 to 82.49, but after a minor rally towards the 73.31 - 74.54 area I will be looking for renewed downside pressure towards at least 63.73 and likely even lower towards 57.08.  

Published on 23 April 2014
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