Lululemon $LULU has been in a bearish correction mode since October after it peaked at an all-time high of $164.79. By mid-November, price corrected down to just under $120 before finding support. However, price action this week suggests that the bearish correction is not over, and that there will be more pressure on this $120 area support.LULU Daily Chart(click to enlarge)Bears in Charge:- When price bounced off the 200-day simple moving average (SMA) around $120, the market got excited and kept LULU "bullish" in the long-term.- While LULU might still be bullish in the long-term, its short to medium-term outlook might be bearish-neutral.- The fact that price was faded sharply from $140 suggests bears are still in charge.- Note that the rejection at $140 reflects respect for a previous consolidation, as well as the 50- and 100-day SMAs.- The RSI was held under 60, which reflects maintenance of the prevailing bearish momentum.Next Support:- I think there needs to be some more capitulation of the 2018 rally. - If price slides below $117.40, we should see further downside, at least towards $100.- $100 might be a psychological support, but if the overall market sentiment remains bearish, LULU could get dragged down further.- But for now, let's anticipate downside risk to $100. LULU Weekly Chart(click to enlarge)