Recently I suggested that Aurora Cannibis could be setting up for a bullish trend. However, after today's bearish price action (down more than 6%), I am convinced that there is going to be more bearish correction before this over-hyped stock gets back on the bullish mode. ACBFF Daily Chart(click to enlarge)False Breakout:- The bullish outlook was based on the fact that price action started to percolate in June after being able to hold above the 200-day simple moving average (SMA).- We also saw the RSI tag 70, which is a sign that the market is able to build bullish momentum.- However, price was rejected at $8.00.- If price held above $6.60, it would still be above the 200-day simple moving average and a common support/resistance pivot in the past few months.- Meanwhile, the RSI would have held above 40. - Basically, price fell below and the RSI dipped below. These are all signs that the last line of defense for the bullish mode have been broken.- We should anticipate at least a dip to the $5.40-$5.45 area, with a possible extension to the $5.00 level.