Shake Shack (SHAK) has already completed a couple of bearish waves as we can see on the daily chart below. However, today's (12/3) bearish engulfing candle suggests we are entering a 3rd bearish wave. Note I labeled them (abcde), in anticipation of price continuing to fall within a bearish channel.SHAK Daily Chart(click to enlarge)Bearish Signs:- The bearish engulfing candle developing during the 12/3 session is a major signal for bearish continuation in the short-term.- Furthermore, the RSI held under 60, which suggests maintenance of the prevailing bearish momentum - another bearish sign.Target/Support:- We should note that this bearish outlook is going against a prevailing bullish breakout that occurred at the end of 2017, beginning of 2018. - We might see support as soon at $44, or lower towards the $40 area. - The area around $40 could be seen as a last line of defense for the bullish outlook in the medium to long-term. A break below $37 would likely invalidate the 2018 bullish attempt, and indicate bearish continuation.- On the other hand, failure to extend below the current support around $47 would provide a strong bullish signal.