“Clearing Up” Chart Complexion:

Pun intended. The chart below of EL is taking on a better look to it. Compared to peers like ULTA which traded right up to the top of the range of a bearish counterattack candle from 8/26 on 10/18. It has since backed off from the very round 400 number and sank more than 8% last week in the largest WEEKLY volume in one year. Others in the arena such as SBH are now 36% off highs made in May. All of the previous 4 weeks CLOSED in the lower half of the WEEKLY range. Give credit to the nice look of ELF which is trading just off all-time highs and sporting a WEEKLY bullish ascending triangle and a break above 32 carries a measured move to 39. Getting back to Estee Lauder it trades 5% off its most recent 52-week highs, and last week CLOSED right at the top of the WEEKLY range after a near 10% reversal off the intraweek lows. The chart is carving out the right side of a cup base whose pivot would be 347.92, the high of the week ending 9/3, which was a doji candle. A break above there could be very powerful. 

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