SBUX, TSLA updates 08/21

After reviewing the charts, which I constantly do; to assess if I am still right or indeed wrong till proven right; I noticed that SBUX and TSLA were not behaving as anticipated. Hence, here are there updated charts; which I now feel much more confident about.\

SBUX: Didn’t bounce as much as expected for a b-wave, and since this is a c-wave down, which often consist of 5 waves, I re-counted it to a i,ii,1,2, decline. Price should now be in (red) intermediate-iv; retest the (fast dropping 50d SMA, possible even the 200d SMA) and then turn south for one final 5th wave down to complete all of major-c and therewith Primary IV as an irregular flat to around $50-$49. This fits also better with the overall wave-pattern for the general indices. The TIs are positively diverging and starting to point back up; supporting the notion of higher prices going forward. Above last week’s high ($53.92) and this count is confirmed.

SBUX daily


TSLA: Given that (black) major-2 took ~8 months, it is hard to reconcile major-4 as only a 1-week event. In addition, the advance off the early July low to mid-august high was clearly 3 waves (green a,b,c) and not 5 and thus a b-wave. This all strongly suggests major-4 is still ongoing and we’ve so far only had (red) intermediate-a, b; price is now in intermediate-c. The ideal c=a relationship targets around $280, which would be a classic 200d SMA retest. All TIs are pointing down, the MACD turned to a sell today, and price dropped again below it’s 50d SMA: this all suggests we should expect lower prices going forward; in line with the preferred count. Please remember that corrections are choppy and we’ll likely see some larger and smaller b-wave bounces etc. No straight forward road map. But this will all ensure that major-4 will last another month or so; bringing it in line with major-2’s time line.

TSLA daily