Why we turned Bearish on LULU

Mar 29, 2017 - 4:58 PM EDT

We started to worry about a potential yellow "B" wave top back in Aug 2016.

We gave a more immediate bullish count room to hold support down to the 72s, but when that broke in September it signaled that the highest probability was that LULU needed a larger Primary degree C wave down in a larger "flat" correction for cycle degree II.

It took a while to let go and decided to bounce a little more into ER to set up the bigger drop, but we knew as long as it remained under 2 and (2) the pressure was DOWN.

Avi Gilburt is founder of ElliottWaveTrader.net.

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