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The analysis is on MicroStrategy, ticker MSTR. Current price is $175. The analyst suggests that the price will likely decline to the 0.382 Fibonacci retracement level, estimating a target of $131 based on a Fibonacci retracement from the low to the high. He expects MSTR to eventually reach new all-time highs, but indicates that a likely scenario involves retracing to last cycle's highs, for support, before doing so. Open interest is needed to go away. The call-to-put ratio has not been above one for years. January 16 expiration has a large number of options expiring that need to go away. As a bearish strategy is outlined, a level that invalidate the analysis must be above the current price, so a fail level is around $220.