Last time we looked at Starbucks (SBUX), we saw that the share price was falling sharply but found support at about 59.50. However, it was likely a dead cat bounce as it failed to even climb above 61 before falling back to 59.50. It is now threatening to continue the bearish correction.SBUX Daily Chart(click to enlarge)The Falling Knife:- It looks like buyers around 59.50 tried to catch a falling knife, albeit at a key support/resistance area. - Despite this initial support, it looks like bears are in charge of this market in the short to medium-term.- Also note that the RSI is breaking below 40, which shows loss of the prevailing bullish momentum from the push that started in March.- This suggests that SBUX is likely in a significant period of consolidation, like the one that occurred from December 2016 to March 2017.- The speed of the bearish correction might decelerate especially as price approaches the next critical support around 57.40. Critical Support:- Price will be challenged by a rising trendline, a previous support pivot, and the 200-day simple moving average (SMA), when price is around 57.40. - If price can hold above this level, the overall uptrend since Nov. 2016 would still be intact, which would be in line with the long-term trend that has been bullish since 2009.- A break below would reflect a bearish trend instead of a consolidation within a bullish trend.- 54, and 51 would be the bearish targets in this scenario.