STRATBTC drew a pretty nice first Elliott wave earlier this year. It topped way into the overbought region and corrected down sharply; however, it's correction didn't violate wave II rules. In fact, this is almost exactly what you would expect since wave II is typically categorized as a "vicious sell-off".
I'll admit, this is a very hopeful idea that is sparked from the recent break in downtrend, but it is a possibility. It's also very likely to form a symmetrical wedge pattern much like I believe ETHUSD is doing.
In any case, on the shorter term this coin is showing good momentum after breakout. I picked some up and put in a position to sell around 120k Satoshis. (just below where I projected wave I peak).