SBUX update October 12

SBUX: Keeps declining and we still see price being in Primary IV; especially given it’s side-ways down nature. The two green down arrows represent the 1.382 and 1.618x extensions of green minor a, measured from b (late august high). Price has reached the former, but can still try to go for the latter (high $51s). Please note the black c=a (major) relationship, which we’ve carried for  months and which targets ~$51s, and thus fits with the aformentioned targets. At these levels we will need to see a strong reversal and 5 waves up pattern to be able to determine a low is in.

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