Canadian Marijuana producer Canopy Growth Corp $CGC enjoyed a surge at the end of 2017, almost hitting $36 by January 2018. It then fell to $17.00 before stabilizing and making another bull run that cracked the previous $36 high. However, it slid again, showing that bulls are exhausted. We should anticipate a run to $20, or maybe $17 again.CGC Daily Chart(click to enlarge)Sharp Pullback, Bearish Correction Scenario:- As we can see on the daily chart, price has been retreating sharply since tagging $36 a second time. - The rejection here suggests bulls are exhausted. - To me, the current price action suggests a possible dip towards the $20 handle, and maybe even the 2018 low around $17.- This bearish scenario is not necessarily going against the overall bullish mode CGC has enjoyed since late 2015, a year and a half after its IPO in 2014. - The bull run has been epic and represents the reward in the "high risk, high reward" description of this stock. It is probably time to witness a period of high risk as price becomes bearish and choppy. Bulls Line of Defense:- As I noted, it looks like price is no longer bullish and entering into a consolidation mode, where we can expect some bearish outlook towards $17-$20.- However if price holds above $26 and the RSI holds above 40, then the market would be showing resilience. If this is the case over the next couple of weeks, then the market might still be bullish on CGC and has a change to push it back towards $36. - Note that this would essentially be forming an ascending triangle, which is a consolidation pattern with a slight bullish bias.