Starbucks recently moved lower into our Target Zone (between $86.38 and $68.39), where we anticipate the low for wave (B) in dark green. In the short term, the only thing missing here should be the completion of the subordinate wave (c) in magenta. So, we still grant the stock the space to head closer to the 100.00% Fibonacci. However, it is also 35% likely that our Zone will be undercut. In this case, we would anticipate the low of the alternative wave alt. (B) a little lower in the chart. In any case, as soon as the $89.73 mark is crossed, that will be an important confirmation for a successful bottom formation.
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š Free daily market insights combining macro + Elliott Wave analysis
š Spot trends early with momentum, sentiment & price structure
š Join thousands trading smarter - full free analyses at dailymarketupdate.com
š Spot trends early with momentum, sentiment & price structure
š 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.