Are you seeing the 3-gap play? Gaps are at 47.91, 46.74, and 45.22.
The 38.2% between 36.92 and 50.52 is at 45.32. The 50% is at 43.72.
Once it gets under the bar of Jan 7th with low of 46.74 there is not much to stop it form going to the next place it had any decent volume which is Dec 2nd in the $44 area; the 50% retracement.
I expect it'll at least pause at $44.
Investor: it looked that way when you posted. I guess it needs to build more cause in the trading range defined by the bar of Jan 10th with range 49.27 to 50.20. That bar had a lot of volume (effort) for such a short squatty bar. Compared to Jan 9th, Jan 10th had a lot of effort without much of a result.....selling came in and held the price. So, yeah I agree with your take on the action.
Then 8 days of sideways within that Jan 10 bar. I'm waiting for a sign of weakness (SOW); a down bar with volume. I don't think the Jan 18th bar qualified. If and when a SOW shows itself then I'll wait let it come back and sell the retest. The hardest part of discipline is the waiting.