In terms of price action, and what I got from chart reading over the years, everything so far is normal price action.
The drop is likely profit taking.
In terms of technical chart interpretation, the drop represents a retest of the 200 MA.
A retest of support levels (which were previously resistance levels after breaking through it) is entirely normal, and when a stock runs too fast and too high, traders start selling.
The 200 MA is 3.40 right now, which we may hit Monday, with 3 scenario's: 1) support at 3:40 will fail in which case we had a false breakout, 2) it will consolidate before another run 3) it will bounce back, or not even hit 3:40 and start another run right away.
Given the strength of the run so far, I suspect it will be either 2) or 3).
1) could happen if we get bad news Monday morning...
If 2 and 3 happens, and it's another run, then it can take us all the way to upper 5s with an ABCD chart pattern...
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