AMD, SBUX update 12/29

AMD: minor 4 of intermediate iii may have bottomed today right at the 23.6% retrace level of minor 3 which itself hit the 1.382x extension of minor 1, from 2 perfectly as well. If so, then minor 5 is now underway targeting $13.5-$14.25



SBUX: Price stalled today at the 38.2% retrace of the prior 5-waves up move. This could be all of major 2 or only intermediate a of major 2. Why? Because 2nd waves retrace often between 38.2-61.8% of the prior 1st however. However, a-waves often hit the 38.2% as well, and then the b-wave retraces 50-62% of that. With the general market now likely in minute v of minor 3, we most likely expect this to be only intermediate a, with b underway targeting ideally $57.8-$58.2; which fits with the upper blue S/R line. Then when minor 4 gets going in the market we expect intermediate-c for SBUX to take hold taking price to the 50-62% retrace. For now, price is very oversold and ready for at least a bounce.