A week ago I swung some PTON calls and, expecting a bad ER (it really wasn't that great) I predicted a fall to below 12. Obviously that was not the case. Revisiting the chart, I believe we have a case for a bearish scenario based on the following: Rejection in drop based drop supply zone, gap that's yet to be filled and the reality that earnings were missed by almost 50%. If I'm not mistaken, the company has a problem with cash as well. This rally was unsustainable for those reasons and the macro-economic environment, which will likely lead to a longer rate hike cycle and a higher than anticipated terminal rate. The explosive price action left behind some very big imbalances and I can see a correction in the next few days/weeks. The question is, how fast will this correction be. If it happens suddenly enough, there can be tremendous downside momentum with 13.40 as a likely area of support, based on historical reaction to this zone. If the momentum smacks this down below 13.40, I'd keep an eye on 12.76, the 50% on the fib. 11.13, the 66%, would place this at an ideal spot for support on the 200 DMA.