When we recently saw $LULU break below triangle, then test the triangle as resistance, we anticipated more bearish correction that would test and break the $120 support. At the time price was still above $130. Lululemon Athletica (LULU) Likely to Retest the $120 Support, and Break itA day later, price fell below $120 and almost tagged $113 to start this week. At this point, bears are in control of this market, and there is at least downside towards the $100 mark.LULU Daily Chart(click to enlarge)Bears in Charge:- The RSI and price action show that bears are in charge.- If there is a bounce, we should anticipate resistance around $120. - For a stronger pullback, a bearish market should still keep price under $130-$133 area, below the October-November price triangle. - Downside to $100 looks viable. There is a rising trendline here, so we should anticipate support if price approaches $100, especially with the RSI below 30. More Downside:- While we can anticipate support at $100, I think a lower price target around $83 could be viable as well. - If we see price test $100 a few times after failing to climb above $120, we should look for a break lower.- If this materializes, the next support, and a very critical one, would be around $82-$83, which was the resistance going back to 2012. So we have 2 scenarios:1) Support at $100 would suggest a more bullish outlook - the RSI in the weekly chart would hold above 40, which would reflect the bullish momentum since mid-2017. 2) Support at/above $83 would suggest that LULU is in a significant period of consolidation, but is still overall bullish in the long-term.LULU Weekly Chart(click to enlarge)