Target $TGT is in a bearish correction against its prevailing bullish run from July 2017 to September 2018. The daily chart below shows how price rallied from around $50 a share to a high around $90 a share. Then, in the past couple of months, the market has been paring these gains. Target Daily Chart(click to enlarge)200-day SMA:- The daily chart shows that price is falling towards the 200-day simple moving average (SMA). - Usually, we say that if price is above the 200-day SMA, the overall price action is still bullish.- In the current case, I would lean towards being a bit early and say that Target has already turned bearish, evidenced by the recent dip and the fact that the RSI was held under 60. - The 200-day SMA is a last line of defense, but I think the market is showing commitment to break lower. - If the current price action were not so bearish, and the overall market not contracting, I would anticipate support here around $78. But I think the market risk is too high, and TGT is vulnerable to a deeper retracement.- I think price will push into the 50%-61.8% Fibonacci Retracement area. - This area involves the bottom of the early 2018 range.