For this one it is very important to take note of that sloped yellow support line that has already held for longer than I initially thought! Only after breaking this line we can confirm a bigger correction.
Starbucks has made an amazing run all the way to above the 2.618 fib extension of wave 1!
It is obvious that this kind of growth is most likely not sustainable and we are in a quite overreached market still. Therefore I think we need to correct to the 0.382 fib level ($41.5) AT LEAST to remain in a healthy uptrend, much rather would I see even a 0.5 retracement ($34)!
Sidenote: There are other ways to count this, which is why I was very clear about that yellow support! Stay safe!
I hope this was helpful! Take care!
Kommentera:
Support broken with huge selling volume!