SP is extremely close to the $40.48 50% Fib drawn from the...

SP is extremely close to the $40.48 50% Fib drawn from the January low -- the horizontal white line. An obvious resistance level.

Then there is a gap to the old June 12 support level to negotiate. That happens to the neckline of the right shoulder.

SP is on the 50-day moving average (white line) -- which is where it last was when it formed that right shoulder in June.

However, the price IS outside the upper downtrend channel line (blue lines).

For how long? Who can tell?

But rather be out than back inside where the direction can only be down.