The chart in fact suggests that $1.40 likely will not see the light for some time to come (unless BUB brings on some serious news).
There was (still is) a slim chance for it to touch $1.40 today (so traders can milk the 1.30 range 1x more before offloading it tomorrow). But as chart develops and patterns become more easily identifiable, traders take profit at narrower margins and ahead of target, and those waiting for known sell points will be left to dry.
As for $1.22, that's 20EMA line (and the very first to break during this downtrend). You are right about it holding the price. But most likely, it will only be used in the next 4 sessions (if not less) to stage moves in 1.20-1.30 range, and allow traders to suck in people and milk that range a few more times.
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