Last time we looked at Chipotle Mexican Grill (CMG), we anticipated bearish correction towards 440 with support around that area. However, price plunged to close at 425.60 after the 6/20 session. It looks like investors are not satisfied with CMG's progress in reviving its reputation and market share, which was tarnished by its late-2015 food-born illness breakouts. CMG is due to release its Q2 earnings results July 20, and it looks like investors are not confident of the bottomline. However looking at the chart, I think there is a chance that after Tuesday's sharp plunge, if CMG stabilizes, it still has decent upside heading into the 7/20 earnings date. CMG Daily Chart (click to enlarge)Bullish Breakout:- Price action seemed to have turned around in late 2016 as CMG consolidated and then started to make higher highs and higher lows at the beginning of 2017.- There was a bullish slingshot in March. This is when price crosses above key moving averages (200-day and 100-day SMAs), and then bounces off of them as support.- Price almost reached 500, but lost steam.Bearish Correction:- Since stalling under 500, CMG formed a price top, and then fell sharply accelerating during the 6/20 session.- Price is now testing the 200-day SMA as well as a rising trendline.What to Look for:- I think we should anticipate support here around 420. - I would look for price to stabilize first and perhaps show a bullish divergence against the RSI reading.- If this happens, I would anticipate a bullish recovery with upside to at most 480 before 7/20.- Essentially, I think CMG will be consolidating a bit, and that it is almost done with its bearish leg. A bullish leg is due, but without some affirmation of growth from the 7/20 earnings report, this bullish leg should be limited. Against, 480 would be the most aggressive target before 7/20.