Defense company Raytheon $RTN has been in a strong bearish correction mode since almost reaching $230 a share back in April. Price has now retreated below $200. I think there is some more downside, but we can probably look for support around or above $180. RTN Daily Chart(click to enlarge)ABC Correction:- After a sharp downswing in April, price consolidated in May.- Now, in June, price appears to be replicating the pace of bearish correction seen in April. - This type of price action suggests a possible abc correction, where we would project the distance of wave a onto wave c. - In this projection, price would approach the lower bound of a previous consolidation period, during late 2017.- I think we will find support here just above $180 a share.- If price does get to the $180 area and then rebounds, we should monitor the $190 area first for resistance. But as long as price holds under $200, I would still consider RTN in consolidation mode, with a bearish bias back towards $180. If price can rebound back above $200, then we should consider the bullish continuation scenario. - For now, I think we can remain bearish on RTN until it approaches $180.