Steve666
Long

Constellation Brands (STZ) - Completed Extended Bat Pattern

NYSE:STZ   CONSTELLATION BRANDS INC
In late June prices gaped lower and started a sell-off that would mark down prices $70 or so. The decline was more rapid from October with prices in a cascade-like fall in December.

Constellation Brands ( STZ ) has completed a Harmonic Extended Bat Pattern.

Based on this and with the broad market at it back I target $199 as a profit objective. Above that I have a $250 target. But baby steps first.

Today's bounce signals a potential bottom.

Aggressive traders could probe the long side of STZ at current levels after the profit warning sell off two days ago.

Risk a close below $144 and look for a recovery back to the $195-$200 area in the months ahead.

The gap from Jan 7th opening around the $166.70 level was filled.

Note this is a 2400 minute (4 hour) chart.

Lets see what happens.

S.
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