We are in a period of consolidation in the equities market. Meanwhile Facebook $FB is in a unique period of correction that it hasn't seen since its IPO. I think we are witnessing the first crack at this social media giant, but I would not be confident of a short just yet. Still, I think it is in a period of consolidation/correction that could take price below it's current 2018 low around $150. At least, we should anticipate a test of $150. FB Daily Chart(click to enlarge)Topping:- The daily chart shows Facebook after a topping pattern that developed at the turn of the year. - Since then, price fell below the 200-, 100-, and 50-day simple moving averages (SMAs) and the RSI dipped below 30 in March.- Now, the fact that price held under the SMAs and the RSI under 60 is indicative of a bearish outlook.- In this bearish scenario, I would at least anticipate another test of the $150 area.- I think it will get choppy and still has a chance to rebound back towards $170.- But if $150 is cracked, the rising trendline there will also likely be cracked, and there would be downside risk towards the $135 area, around a lower rising trendline.- The weekly chart also shows the bearish outlook, The RSI is still holding above 40, which is a bullish sign, but there is a chance that it will fall below 40, in which case it would be considered NON-bullish (a late signal, but still a strong confirmation).- Now, we can see that as price approaches $135, it will test a previous resistance pivot as support as well as a rising trendline. - Meanwhile, the weekly RSI would likely tag 30 by the time price tags $135. This would signal oversold condition, which might be reliable since the overall long-term trend is still bullish.Facebook Weekly Chart(click to enlarge)