Starbucks (SBUX) slide almost 10% in June after it failed to break above 65.00 and retreated to about 59.50. By looking at the chart, it looks like if SBUX is still overall bullish, the sort-term bearish correction could be over. Starbucks (SBUX) Daily Chart(click to enlarge)Correction Might not be Over:- It was a pretty sharp correction, so let's first acknowledge that. - It is quite possible that instead of reviving the uptrend, SBUX will consolidate between 65 and 60 for a period of time. There might still be some downside to 59 or even 58 within the correction scenario.The Trend is Still Bullish:- With the risk of extended consolidation/correction acknowledged, we should also note that the long-term trend has been bullish, but was interrupted by a period of consolidation from the end of 2015 to through April 2017.- As we can see on the weekly chart below, the bullish breakout occurred in May, and price has pushed to a higher high, above the 64, 2015 high. - Furthermore, looking at the daily chart, we can see that the 59-60 area is a key support/resistance pivot area. So if the market is still bullish on SBUX, it should hold its line here, and it has. - I think we can conservatively anticipate a return towards 64, with strong risk of continuing higher and breaking above 65. Bearish Correction Scenario:- However, if price doesn't push above 64 (the 2015 high), we should anticipate further consolidation, with downside risk to the 58-59 area to test some other support factors. - Also, note that if price fails to break above 62, it could be forming a head and shoulder pattern, which signal further correction.- A break below 57 would signal a deeper correction as well. Starbucks (SBUX) Weekly Chart(click to enlarge)