CRAZY ACTION IN THE MARKET! WHICH WAY DOES SBUX GO???
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.
Comment:
Exploded higher and possibly higher in days weeks. Market is disconnected from economy so no telling what happens here.
Looks like heavy resistance around Fib Retracement at 50%!