SBUX update 11/22

SBUX: Looks like Primary IV bottomed and it’s working on 5 waves up. It’s next target should be $58-$59 for wave iii/c. We can’t rule out a c-wave yet as we don’t have 5 waves up off the November low, but so far the chart looks rather bullish and on a smaller time-frame the waves look impulsive.

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Big picture-wise, SBUX counts well as having completed 3 larger waves up. The TIs fall in line with this count and have gotten sufficiently OS to suggest Primary IV is in. Trade through $90 will target $120.

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