SBUX looks set to start a wave down to around $83 after a sideways ABCDE correction: - 1:1 extension of the move down from 16 Nov 2023 to 17 Jan 2024 - 1:1 extension of the larger move down from 1st May 2023 to 3rd Oct 2023 - $83 is also strong support from previous consolidation in 2022
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Price has almost hit the target
Trade closed: target reached
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As of premarket, price is at around $77 and has overshot the ideal target by almost another 10%. It is now time to see if price can recover from here.
I was gonna do a long for SBUX tomorrow, but will wait to see if it tests any lower. It looks like it could go up from my perspective. They look like there going to do good on there earnings which is around the end of the month.