Tencent HLD $TCEHY has been in consolidation mode in 2018 after a very strong run up in 2017. It looks like there might still be more consolidation, or even bearish correction in the second half of the year.TCEHY Daily Chart(click to enlarge)Topping:- The daily chart reflects a completed price top that is a variation of the head and shoulder pattern. - The key is that price action is very different then it was in 2017. The bullish trend has at least settled into a sideways one.- However, we should ALSO consider the bearish scenario.- The bearish scenario looks likely now that price has broken below the 200-, 100-, and 50-day simple moving averages (SMAs), as well as the neckline and rising trendline.- I think clearing below the May low of 48.00 would bring about a period of bearish correction.- For now, we should limit this bearish correction to the $40 psychological handle.- We can be more confident of this bearish outlook if on the way down, price rebounds but finds resistance at $50. - On the other hand, failure to push below $48 and a return above $50 does keep the price action in limbo with a slight bullish bias because of the long-term trend.