Shake Shack (SHAK) surprised me this year with its bullish breakout above the $44 resistance, and very strong extension to $70 a share. However, after the double top under $70, it is no surprised that SHAK has entered a bearish correction mode. For now, price is held above $55 as we can see on the daily chart below. But price action suggests this bearish correction is not over. SHAK Daily Chart(click to enlarge)Bears in Charge:- Even though price stayed above $55, we can see that is has held under the 50- and 100-day simple moving averages (SMAs) for the most part. This suggests bears are in charge.- The RSI is still under 60, which reflects maintenance of the bearish momentum.- As long as price holds under $62.50, I think SHAK is still clearly in bearish correction mode. - In this mode, the next target would be the $50-$52 area, which would involve the 200-day simple moving average. - At the moment, we should limit any bearish outlook to $47-$48 area, which is near a previous resistance, and might be supported be a rising trendline.