ROKU: dropped below its 200d SMA today after yesterday’s earnings sell-off (not shown) telling us the long term trend is now down. The weekly chart shows an almost perfect C=A relationship up, with wave-A being clearly 3 waves (a,b,c), wave-B also 3 waves (a,b,c) and wave-C as 5 waves up (i,ii,iii,iv,v). Since the C-wave high there’s been another a,b,c down, with wave-c now underway to ideally around $30 for a nice c=a relationship at the 62% retrace.
SBUX: Confirmed a yearly downtrend in late-June and has since gone straight up with barely a subdivision of the waves. It’s making new ATHs and is this clearly in Primary-V. Due to the lack of subdividing waves it is hard to make subdivisions of the waves, but somewhere around current price levels we should expect wave-iii of 3 of V to top, with a retrace down to about $64 before wave-v of 3 of V completes in the mid-70s. Ultimately we could see low 80s, but again because this primary-V is simple one wave up it’s hard to make much more accurate predictions than as presented. Note that once V completes the downside potential is very high.