SBUX FURTHER DOWNSIDE EXPECTED IN APRIL AND BEYOND.

29 Mar 2020

AS THE MARKET BEGINS TO TURN, A PROPER RETRACE OF PRICE IS ACHIEVED AT THE 50% FIB LEVEL. A, B ,C FORMED AND CURRENT NEW ELLIOT 5 WAVE ABOUT TO FORM WITH TARGET AT 38.2% EXTENSION OR FURTHER. GREAT RETRACE TO FIB LEVEL 50% LAST WEEK FOR AN EXCELLENT BULL TRAP.

THIS IS FURTHER COUPLED WITH USA LOCKDOWN WHICH ACCOUNT FOR 65% OF THEIR STORES. DEBATABLE IF ANY FLOW OF BUSINESS ACTUALLY HAPPENING IN CHINA EVEN THOUGH "95% OF STORES OPEN". POOR GUIDANCE FOR REST OF YEAR ON APRIL (IF THEY GIVE ANY) WILL DRIVE STOCK FURTHER DOWN.