SBUX looks poised for a massive drop as it sits atop what appears to an Upthrust After Distribution (UTAD). Typically UTADs are caused by short squeezing early bears. In our case, the UTAD was caused by a failed H/S pattern that initially broke downwards (to lure in the bears), and then quickly returned to the top of the Trading Range to then short squeeze the market. I am looking for a short position here and using a potential daily BBands M top setup to time my entry. This is a multi-year Trading Range so this thing is likely going to be a great source of action in the coming months.
If you like this type of analysis and are interested in learning more about my charting style/analysis, check out my trading community at www.bitcoinschmitcoin.com/
If you like this type of analysis and are interested in learning more about my charting style/analysis, check out my trading community at www.bitcoinschmitcoin.com/