Is locked in a well defined downtrend. In early December 2012 we saw a bottom, of a five wave decline from 3.187, at 1.949 which marked the end of wave A and we have eigther seen the end of wave B or is correcting wave a of B before one last rise higher towards the channel resistance-line near 2.700. However a break below 2.225 will add pressure towards the downside for a continuation down to 2.050.
Please see my last update on Novo Nordisk here first: http://theelliottwavesufer.blogspot.dk/2013/02/novo-nordisk-as-textbook-elliott-wave.html
Novo has likely just ended its b wave and wave c down is under way. Short term we could see a move towards 1.030 before the next real downside pressure takes over for decline down to at least
858, but we will likely see even lower levels near 710 tested.
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