After a period of pronounced selling pressure, Starbucks shares have recently stabilized and shifted into an upward trend. We identify the ongoing dark green wave [X] as a magenta three-wave move. In our view, waves (W) and (X) are complete, and we see further upside potential in the final stage of this substructure. However, we then anticipate another downward move to complete the overarching correction, which is likely to push price below the support level at $71.53. There is a 31% probability that dark green wave alt.[W] could take precedence and drive price directly below the $71.53 support level beforehand.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.