Macy's $M has been bullish since late 2017, a bullish correction against a prevailing downtrend. However, its price action in recent months suggest that Macy's might be back in the bearish mode. Macy's Daily Chart(click to enlarge)Double Top Respected:- As we can see on the daily chart, price action formed somewhat of a double top from June through August. - The subsequent break below the double top also broke below a rising trendline support.- Price eventually stalled around the 200-day simple moving average (SMA) and rebounded.- Then, there was a rejection at $38, which confirmed the market's respect for the double top.- Since then, price action has been retreating sharply, cracking the 200-day SMA during the 11/14 session.- With this dynamic, I believe we will see a low below the October low around $32. Instead, I think we should look for downside to $30, then the $28 support/resistance pivot area. - I would then like to see if price can anchor back up from here. Because if it can't find support around $28, the market will open up downside towards $20.