SBUX update 06/20

SBUX fell out of bed this morning as it downgraded its forecast (closing stores etc) after the bell yesterday and is down almost 9% today. The monthly chart shows the wave count the best, with intermediate-c of major-c or primary-IV now underway. There are 3 different target zones in corresponding color for each wave degree. The green zone shows where all 3 of these zones coincide and which thus has the highest likely hood for IV to bottom. Add the fact that the wave-IV=I relationship (blue arrow) targets right in that zone too, and we have a winner: $47.5 to $45.

sbux monthly