So how many times does a breakout need to fail to define a range? Enough to get the job done is the answer. I would say fifth time is the charm for the upper boundary, and so we head back down the the lower, and lower yet, if history repeats.
The previous example hit the top three times and coiled at the bottom. This one three times at the bottom and coiled at the top. Of course a H/S is potentially setting up also. 40-50 is the big level people are looking for to get back in at so makes sense we would make like we are gaining a base there and then fall down or new highs.