Had a strong close last week. The resistance line from the 3.09 high was firmly broken and that calls for a continuation higher towards 1.8 as the ideal target for wave B.
The higher coffee prices is not good news for Starbucks (see the two charts below). Short term Starbucks will meet good support near 69.50, but longer term I will be looking for lower prices towards at least 60.00 and likely even lower towards the bottom of wave 4 at 43.04.
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