SBUX, TSLA update 11/7

SBUX: May have bottomed for Primary IV. Rallied on earnings on Friday and continued to so today 🙂 Pretty much hit our preferred (major) c=a target to the T and has now moved outside the black and red downtrend channels (see blue and green arrows). All TIs are pointing up, wanting to see higher prices. The move from primary III down to last week’s low is clearly overlapping and corrective. Hence, new ATHs should be expected.

sbux

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TSLA: Not so fast Eddy uhhh Musk. Your price chart doesn’t have all the right ingredients for a rally just yet in our opinion. Price held the red horizontal support level, but bounced in our opinion with little conviction. We need to see it back above the green level (~$202) and then the $215 to be sure the low is in. Otherwise the charts keep pointing to $175ish for a low.

tsla