A Bear flag that's forming right underneath previous support?
A Bullish Wolfe Wave? Though price is in the "sweet spot," volume isn't too spectacular yet. Perfect cycle symmetry in points 1-3-5, a target would put price back to it's most recent swing high (depends on how strong the broad markets are I suppose). It could even turn out the 5-point breaks down further into the sweet spot and leaves the bullish wolfe wave still valid.
or, is it a stalled Descending Triangle breakdown that can go either way from here?
Beats me....Price has backed away quickly from $120 these past two sessions. 
However, price being sold heavily at $120 could just reflect positions being covered off of the previous drop and recent lows. We could just drift back up to $125, after all it has shed a lot of "value" in a quick period of time.
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