KR, SBUX update August 8

KR: It surely didn’t take the easy path down, but it broke decisively below the horizontal red support line and is now finally targeting our symmetry-based level of $29. Strong support at $31.50 so it may not reach all the way to our target; just something to be wary off.



SBUX: Another stock we’ve continuously been bearish about and which is dragging it’s feet to get to our price target of $49ish for Primary IV. Red intermediate b was unable to close the April gap, that’s weak, and price fell back inside the descending trendchannel. Using Fib-extensions we find that the red intermediate 123.6x extension targets exactly the white 38.2% retrace (retrace of all of blue Primary III), which in turn coincides with the blue 100% extension. All perfect/textbook for a primary IV level. Note the 100% to 138.2% red extensions are all around this $49 level and we’ll have to see if price decides to fall short (100%) or extend (138.2%) for intermediate c of major c. But buying in the $50-$48 zone appears prudent.