CRAZY ACTION IN THE MARKET! WHICH WAY DOES SBUX GO???
Updated
My previous chart showed a false breakout downward and an advance upward. Is the upward breakout false too? We definitely have to remain flexible for any possibilities.
First setup a possible A.B.C.D.E Elliott pattern correction AND a possible head and shoulders formation on the hourly chart with a neck line around $61
I've labelled two possible scenario's
1) hits neck and moves upward and continues breakout in a bullish pattern. Or breaks out of A.B.C.D.E pattern upward.
2) breaks neck and heads down to Fib retracement around $45-$55 level. Breaks A.B.C.D.E pattern downward.
Only time will tell. Have to remain open to all possible outcomes. I'm neutral on this one.
These charts are using Heikin on the hourly.
First setup a possible A.B.C.D.E Elliott pattern correction AND a possible head and shoulders formation on the hourly chart with a neck line around $61
I've labelled two possible scenario's
1) hits neck and moves upward and continues breakout in a bullish pattern. Or breaks out of A.B.C.D.E pattern upward.
2) breaks neck and heads down to Fib retracement around $45-$55 level. Breaks A.B.C.D.E pattern downward.
Only time will tell. Have to remain open to all possible outcomes. I'm neutral on this one.
These charts are using Heikin on the hourly.
Note
That fib retracement is to the EXTENSION of around 45-55$ . Looks like heavy resistance around Fib Retracement at 50%!
Note
Exploded higher and possibly higher in days weeks. Market is disconnected from economy so no telling what happens here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.