Paypal $PYPL has been bullish since the start of the year. However, after cracking the $120 level in July, price retreated in August. Based on price action, we should probably anticipate more bearish correction ahead.PYPL Daily Chart(click to enlarge)Head & Shoulders:- During the 9/9 session, price fells sharply and engulfed about 2 weeks of consolidation price action. This bearish engulfing price action itself signals a bearish outlook.- On top of that, the dip appears to be developing a shoulder within a tilted head and shoulders pattern.- Furthermore, the RSI held under 60. This reflects maintenance of the prevailing bearish momentum.Neckline and 200-day Simple Moving Average (SMA):- As we can see on the daily chart, price is still above the 200-day SMA.- I would treat this area around $102as the neckline.- A break below 102 clears the 200-day SMA, the projected neckline, and the previous August-low.- This would open up at least the $93.5-$94 area, which was a previous resistance area that might be challenged as support.- If this correction occurs, a bit more extension can bring price down to the $89-$90 area and still be within the long-term bullish outlook for PYPL. PYPL Weekly Chart(click to enlarge)