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.

Комментарий:

That fib retracement is to the EXTENSION of around 45-55$ .

Looks like heavy resistance around Fib Retracement at 50%!

Комментарий:

Exploded higher and possibly higher in days weeks. Market is disconnected from economy so no telling what happens here.