SBUX has been on a tear since the mid-October low last year. That low was major 2 of Primary V. Price is now in major 3. To be more specific: minor 3 of intermediate iii of major 3. However, the question now is if minor 3 ended, and price is now in minor 4, or if we’ve only seen micro 3 of minute v of minor 3. A break below the orange micro 1 of minute v will confirm the latter, a break above the “3? or 3?” label will confirm the former. In addition, the price high made today at 10am ET could also have been a failed 5th… Text continued below chart
The daily chart, however, does look weak with negative divergence on the daily RSI5, MACD, FSTO and PMO: higher prices but lower TI readings. This in it self is not directly bad, as negative divergence can persists for some time in an uptrend. If minor 3 did peak, then I expect minor 4 to reach low-$90s, which would be a 38.2% retrace of the entire move off the intermediate ii low, as well as hit the 176.4% extension of Primary I, from II, and be right at the daily pivot of ~$91. So far all TIs are pointing down, wanting to see lower prices.