Chart of the day

SBUX is testing the strong support of 71.5 for the upside continuation. A break below this level would lead to a deeper pullback to 50 and possibly lower. A break above 82.60 is required for a reversal higher and a test of 100.

A break above 100 would confirm that SBUX will be in the fifth upside wave. A confirmed break below 72 will completely invalidate this view.

_{Look for the short trade entries with a stop loss above 75 upon a break below 72. Long trades you can take in the case of a confirmed price action break above 82.60.}