SBUX Short Idea - Multiple Fib extensions converging

Feb 28

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

Apr 14

Note

Price has almost hit the target

May 1

Trade closed: target reached

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.