Some Fine Tuning on $SBUX’s Correction

Last discussed here, I suggested that $SBUX was entering an intermediate wave four correction. And it hasn’t disappointed yet. Originally envisioned as a triangle, I’m going to modify that into a bull flag for the time being because the price action looks more simple rather than corrective. The expectation for intermediate 4 is to reach the target box below, preferably the lower end of it. Parallel rails wouldn’t get us quite that far, and would also correspond with C = A parity (well, I guess that’s what makes them parallel, lol), so I’ll mark those on here as possibilities.

After we correct a bit more, I expect it to rally to the target box above for intermediate 5. That may only be a conservative view, as the stock may also be subdividing and we can’t know that just yet (also, bull flags are more common in wave twos, so yikes).

SBUX

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