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).
Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few months), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, Tier 1 members ($20/mo.) get access to the articles, Tier 2 members ($35/mo.) get access to those, plus counts on about 20 other instruments, plus Discord server access.