Chipotle $CMG was consolidating in the past few months and even completed an inverted head and shoulders pattern in January when price broke above the neckline.Chipotle (CMG) Daily Chart(click to enlarge)Failed Price Bottom:- Price action over the past few months led me to believe CMG was making a recovery in 2018.- However, after breaking above the neckline, price retreated pretty much right away, and stayed under the 200-day simple moving average. - When price retreated back into the "price bottom", I thought there was one last chance for CMG if the market supported it above 300. - After the 2/6 session, the market spoke, and the 2/7 session open for CMG came with with a bearish gap on the daily chart. - I think in the short-term, we might see some upside back to 300. This time, if price is held under 300, it would be a strong bearish sign of CMG moving towards the 265 lows from last year. If price can get to 265, it will likely continue the downtrend and challenge a key pivot at 240. CMG Weekly Chart(click to enlarge)