The Gap Inc. $GPS fell sharply last week, and that could be enough to push the market back to a bearish mode. GPS Weekly Chart(click to enlarge)ABC Correction; Elliott Wave Structure?- First, we should note that price has been bearish since the price top just under $48 back in 2013-2014. - Note that the downtrend had a clear 1-2-3-4-5 structure that perfectly describes a textbook "Impulse Wave" based on Elliott Wave counts.- The rally since the second half of 2016 came up in a choppy manner, and possibly in an ABC-structure.- The structure suggests bears are in control of the long-term trend. - The rejection at $35.50, a previous key support, also confirmed that bears are in charge.- Furthermore, the bearish engulfing candlestick last week confirmed a price top that was forming since the start of the year.- Finally, the RSI is still above 40, but should break below 40 in a bearish continuation scenario.Support:- Even in the bearish continuation scenario, we should anticipate support in the $24-$25 area, even if only for a brief moment.- Then, there might be some buying around $21.50-$22.- Unless the market is able to defend $24 and pop price back above $30, I think we are going to see price falling towards $17.