Tales of Underwater Retail

While Michael Kors is gapping down hard after disappointing earnings, perpetuating that stock's established downtrend, Tiffany is gapping higher. 

On the updated weekly chart, below, however, failure by buyers to reclaim $100 may very well lead to a larger topping pattern in light of the stock's multi-year bull run.

For a while now, many retail plays have been in strong downtrends, including GES RL URBN VNCE, among others. As the summer unfolds, I am looking to see even if promising turnaround candidates like TIF can truly shake off the bearish action of late, or instead simply set up that larger top.