The Long Investor

$LULU

Added 2024-06-17 11:52:18 +0000 UTC

Clean rejection at the 0.38 Fib at $337, which was also the 50 Day MA and we can see that it was met with a harsh decline.

The Fib levels have not changed here so the next level to watch for support is on the 0.5 Fib at $281, very similar set up to the $CELH chart we just uploaded.

Next level to watch for is the yellow historical support line at $270, followed by $253, which was the May '22 blue support line.

So there are a number of potential support levels after the 0.5 Fib now.

I am not against adding $LULU again, we got out at $400 and it was the right decision because Wave 1 was infringed upon, by keeping to the rules of EWT, we saved ourselves a harsh decline.

I will wait now until support is fully confirmed before considering a position again, fundamentals are now reasonable again.