Starbucks (SBUX) -SHORT
EMAs on the monthly are soon to death cross unless SBUX makes a huge move upward. There's a head and shoulders on the monthly charts, inverted cup and handle (venti) on the weekly, and currently closed below 50% reversal from the last drop. Target is possibly ~58 region, but may stop short in low 60s. Catalyst may be Microsoft CEO's Satya Nadella resigning from board. This is a hot cup of coffee, handle with care.
Nota
The play is still valid. I suspect the drop begins tomorrow. ECB announced cuts today, and DXY is set for upside breakout; a close at 104.7 would be evidence of this. I suspect SPY, metals, and the market as a whole will be red. As someone holding equities, I hope I am wrong. I suspect a kangaroo market until possible September rate cuts; I anticipate an "inverse head and shoulders" will be in formation until then. That is, of course, DXY doesn't fall tomorrow, and SPY continues upward (it has an inverse head and shoulders on the weekly/ monthly, however, may be invalidated soon).Nota
Very much in play, weekly close below 50% retracement; something's a-brewing and it ain't coffee.
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