In my view, Starbucks has completed its first major wave, which began in 1992. We can observe that wave (b) retraced more than 80% of wave (a), indicating a high probability that wave (c) could form an expanded flat correction.
Moreover, SBUX has tested its long-term trendline multiple times without breaking above its all-time high, which suggests a bearish outlook. A Bat harmonic pattern further supports this view, projecting a target range around 17–20, which also aligns with a major historical support/resistance zone for SBUX.
Moreover, SBUX has tested its long-term trendline multiple times without breaking above its all-time high, which suggests a bearish outlook. A Bat harmonic pattern further supports this view, projecting a target range around 17–20, which also aligns with a major historical support/resistance zone for SBUX.
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.
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.