(TheStreet.com) Fitbit (FIT) stock was higher after-hours Wednesday despite the company reporting a fourth quarter net loss of 56 cents per share vs. Wall Street's expectations of a loss of 54 cents.Revenue of $574 million was also under analysts' guidance of $576 million. Fitbit was up 1.7% to $5.98 after the closing bell. FIT 4H Chart 2/23(click to enlarge)Very bearish:- We should first understand that FIT has been in a sharply bearish market since the second half of 2015. - I don't think there is any reason to believe in a comeback just yet, although you might argue that the current market valuation is a bargain. But then again, the momentum is bearish and even if price finds a bottom here around 6.00, it still might take a while with no upside. Basically, neither price nor timing seems right with FIT.- BUT, as thestreet.com mentioned, the market is scooping up some FIT.- I think if FIT is indeed still very bearish, it would be hard for price to climb back above 6.00, and even harder to climb above 6.15. - Therefore, it might be worth fading the after-market rally if we can catch price around 6.00. It would not surprise me to see FIT shed another 15% to 20% to 5.00 or lower. Bullish Correction Scenario:- Now, a break above 6.15 would indicate some short-term correction, but the prevailing long-term downtrend would still be intact. - In this bullish correction scenario, we should watch out for resistance around 7.00.