Lululemon athletica Inc. (LULU) Elliott Wave Technical Analysis - Trading Lounge Daily Chart Analysis

LULU Elliott Wave Analysis 

Key Insights:

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave 2 of (1)

Direction: Bottom in wave 2

Analysis Overview:
Lululemon (LULU) appears to be forming a potential bottom in wave 2 within a corrective Zigzag pattern. The completion of wave {c} signals a possible bullish reversal. If the stock manages to break above the critical resistance at $400, it could indicate the beginning of a new bullish phase, aligning with the broader uptrend.

Key Takeaways:

• Wave 2 bottom formation suggests a potential reversal.
• A breakout above $400 could confirm upward momentum.
• The corrective pattern completion hints at renewed bullish activity.

Lululemon athletica Inc. (LULU) Elliott Wave Technical Analysis - Trading Lounge 1-Hour Chart Analysis

Key Insights:

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave {c} of 4

Direction: Bottom in wave {c}

Analysis Overview:
The 1-hour Elliott Wave analysis presents an alternative count indicating that LULU is currently in wave 4 of (1). This suggests the upward trend from the August 2024 low is still in progress. The price movement may continue its trajectory toward the critical Trading Level 5 at $500, where resistance could emerge.

Key Takeaways:

• The alternative wave count suggests further upside potential.
• Resistance may be encountered around $500.
• The ongoing bullish structure indicates further growth opportunities.

Technical Analyst: Alessio Barretta

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