Fomenka

Confirmed double top in SBUX

Short
NASDAQ:SBUX   Starbucks Corporation
SBUX
Cannot help seeing bearish, trend reversal structures everywhere.. now in SBUX
WHY
- nicely formed double top and unlike double top in AAPL this one is formed
- broad market seems to be topping
- very nice divergence in indicators
- bearish engulfing on W

HOW
- short stock with a tight stop
- consider options on a lower timeframes (1H,4H) on the way down

TARGET
- 0.68 Fibo of the previous move up on M supported by 200MA

ENTRY
- immediate on W chart as the rest of the market is about to turn down

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