$Micron Technology(MU)$ $SanDisk Corp.(SNDK)$ $Invesco QQQ(QQQ)$ Looking at Micron's price action, it bounced off the 61.8% Fibonacci retracement level measured from its recent high of $1255 down to the April 7th low. The initial rebound from $705 was a 33% move up to $933. Since then, profit taking and consolidation have pulled it back to $848, which is still 20% above the $705 low. Despite how bearish the chart might look at first glance, Micron is still in a bullish consolidation.
To really break the bullish retracement setup, the stock would need to drop all the way back to $705. And by pretty much every chart book standard, Micron remains bullish anyway since it's holding well above both its 100-day and 200-day SMA.
Short-term calls tend to get wrecked during consolidation periods unless you're extremely quick on the trigger.
I added a chart here, with a new peach-colored trendline that actually turned out to be useful. Trendlines are just trends until something changes, and then they're not trends anymore. Unless the path shows up again weeks or months later.
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