SBUX, TSLA update February 2

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SBUX: Looks like major b of primary IV topped yesterday and major c is underway. Why? and how can we tell so early in the game? Because price retraced exactly 61.8% of the prior decline in clear 3 waves fashion and will hit the 38.2% retrace of all of Primary III where c=1.236x a. So yes, we’re bold in saying the top is in. Once IV bottoms at around mid-$40s, primary V should take price ideally to the mid-$70s range. That’s almost a double šŸ™‚

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TSLA: Price is starting to get very close to our ideal c=a target for both minorĀ c and intermediateĀ c in red and yellow, respectively. Ā $180 area is very strong support, and if it doesn’t hold then $140 to $130 is next, which is where the next (yellow) Fib-extensions also reside. Price on the weekly TI chart (not shown here) is very oversold, but there’s simple no turn in sight on any of the TIs nor do we see any positive divergences. Hence it is safer to say price will continue lower first, before we should start to look for the major b bounce, which likely will be contained by the ascending white trendline and thus only target $200+

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