I do not believe we fall below the important support level drawn by the red line. It had shown as vital support in the past and i believe we will see the same here. A further decline does not seem warranted also because of the RSI's divergence to declining prices showing that strength is increasing. After such a decline we should see a breakout to at least Fib 50% from GILDs High to its current price which January Calls look appetizing at the moment as a large move is not expected. Both calls and puts show high OI but this is something I will definitely keep an eye on. GILD is a solid company.