COCA COLA likely to correct to $66.50.

The Coca-Cola Company (KO) has been trading within a 18-year Channel Up ever since the 2008 U.S. Housing Crisis. The last 30 days we are seeing a pull-back and this is likely due to the fact that the price almost touched the top (Higher Highs trend-line) of that pattern.

At the same time, it hit the 1.618 Fibonacci extension from the COVID crash, which was the market's most vicious correction since the 2008 Housing Crisis. As you can see, there is a strong degree of symmetry within this pattern as those corrections had an identical decline of -40% and -43% respectively.

When the Channel's first Super Cycle reached the 1.618 in 2016, the price pulled back to the 1W MA200 (orange trend-line) and the 0.382 Channel Fibonacci level, before making a bottom just below it.

If this is any guide for today then Coca-Cola should extend the current pull-back into a full-scale correction and test the 1W MA200 around $66.50 before rebounding again.

Note here that the 1W MA200 has been a very common Support thus long-term buy entry outside of the 2008 and 2020 corrections. And the 0.382 - 0.5 Fibonacci range has priced most pull-backs, which is where the $66.50 Target is.

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