With MFC it is not clear if this rebound is a 4th wave or a second wave from the Febr high sequence. A 4th seems to fit much better but regardless the rebound is again a clear a-b-c, with c already more or less equal. This one remains a sell!
Year: 2011
SU , Suncor, update
We were a little early in recommending this stock (also PBN, Petrobakken). by saying that it was a buy under $30. As it went all the way to $24 that was not all that precise, but the position is nevertheless in-the-money by almost $3. $36 is near the 50% level and also where c=a in what appears to be a corrective rebound ( the wave count is questionable on the downside) . It has a few more dollars to go but we would be satisfied with a 10% gain!
DOW Chemical
This is the world’s second largest chemical company after Germany’s BASF, here are the charts;
You can click on the charts to enlarge. The large B-wave on the left is particularly clear; it calls for new lows sometime in the future, that is below the roughly $7 back in March 2009. There are alternatives but none that are very plausible at this point.
On the short-term chart on the right, the 5 wave initial drop is equally clear on this stock. The drop is from roughly $44 to $20, almost cut in half. As always, a 50% or even larger rebound is normal. That could take this stock to $32, where, by coincidence , we would have a completed a-b-c wave 2 with c=a. It does not have to go that far and it can go a little further, but the structure is perfectly clear. Wave 3 etc will start at some point in the very near future and it will be fast and furious compared to what we have so far.
SBUX. Starbucks
This was a sell before, the all time high in 2006 being about $40. It has been sitting here for about 4 months adding only a dollar or two at the most. Waves C and A are now equal. Perhaps another dollar is needed to get to the upper trend line but that should be it.