As you know, the last few years we have turns this time of year generally speaking if not specifically right on the Gann and seasonal change point. What everyone needs to realize if tops take longer to form than bottoms. Hope dies slowly but fear drops like a rock. Markets take time to set up. In this case they are attracting the kind of money that was slow to be interested when the getting was good. That means a lot of fund managers are chasing it right now. The quarter just ended so it’s quite possible whoever wanted to show these stocks who have been winners on their books have now done so. It’s a new quarter, and it could be a new season.
By the way, I was really curious to see what was materializing on SBUX. I didn’t know what to expect but here’s what I found. The high is very close to a 161 of A or if you want to call it the first leg which can either be a 3rd or 5th wave peak. The range of the move is 58.97-43.04=15.93 which isn’t perfect but very close to 15.97. When we transfer the decimal point it becomes Fibonacci 1597. There are reasons to believe we could have a high in place. So much for complacency. You have a great company, so much the better just to keep your customers happy.