Alcoa $AA has been retreating sharply since cracking the $60.00 a share mark. The weekly chart shows how price action has started to be more choppy since the bullish breakout from it's multi-year consolidation range. AA Weekly Chart(click to enlarge)Bullish Breakout and Pullback:- As we can see on the weekly chart, price has been consolidating roughly between $11.78 and $40 since 2009. - Price finally broke above this range in late 2017.- As noted above, price cracked $60.00 a share before the most recent pullback.- Note the bearish divergence (higher price high but lower RSI high). This suggested that the bullish momentum was slowing, so it is not a surprised to see the current pullback.- Neither would it be surprising if price extends lower and breaks the projected rising trendline as well as the 2018 low so far at $43.70.- In fact, I think we should anticipate a push to $40.Key Pivot:- If the pullback indeed approaches $40, we should start anticipating support, especially if the RSI is also close to 40. - I think there will be strong buying in the $35-$40 area. - If my anticipation materializes, I would be more confident of the bullish outlook, and look for another attempt to push to at least the $60-$62.50 area. - For now, we should limit he bullish outlook to $70 and expect it to be at least few months before the current period of correction/consolidation ends.