SBUX continues its decline, which started on May 2023 at $115.48. It may be currently making the Y wave of the Elliot WXY double correction.
I expect this correction to continue until the range of $77.5-$83. I think this price range will be a great buying opportunity for SBUX when looking at the fundamental analysis of the company. After this price range, there may be a rally that will provide at least 15-20% yield.
Trade active
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SBUX completed wave B by reaching $98 on January 31, 2024. Now I expect the Elliot ABC correction wave to make wave C. The target is still $78-$83.
Trade closed: target reached
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I closed my short position at $73.80 with yield about 26%.