Chipotle Mexican Grill (CMG) released earnings after the close of the 4/25 session. According to investorplace.com, " Chipotle Mexican Grill, Inc. (NYSE:CMG) reported first-quarter earnings of $1.60 per share, notably higher than analysts’ expectations for $1.27. Revenues beat expectations, too, growing 28.1% year-over-year to $1.07 billion. Comp-store sales were up 17.8%. These results helped fuel the 2017 rally, but Chipotle shares only saw an ephemeral push above $500 in the after-hours session." The article also noted a payment system breach that has tainted the otherwise great earnings report, "Those gains evaporated after management disclosed a payment systems breach on its conference call. While the investigation remains ongoing, investors don’t appreciate the uncertainty." (investorplace.com)I think CMG is close to completing its bullish correction swing, and while the earnings report was great, we should expect some consolidation around 500.00. Previous Update: Chipotle (CMG) - Bullish Swing Takes a Break Ahead of EarningsChipotle Mexican Grill (CMG) Daily Chart(click to enlarge)Bulls in Charge:- The reaction to the earnings report was a strong one, accompanied by strong volume. - The fact that price broke above a bearish engulfing candle from earlier in the week suggests that bulls are still in charge.- Finally, even though the RSI is above 70 (in overbought territory), it has not shown a slowdown in momentum. A bearish divergence for example would imply a slowing in the bullish momentum.500 Resistance:- Because the market still looks bullish, I think CMG is poised to extend to 500 and possible beyond it in the short-term, ie. towards 515.- However, if we start seeing bearish divergence with the RSI as price pushes through 500, we should start to anticipate consolidation.- I would not be surprised if price become choppy around 500.