After its IPO Lumentum HLDGS $LITE has been bullish since late 2015, after finding support around 14.00, After reaching 68, price started to go sideways and eventually downwards. This is a consolidation/correction against the 1.5 year bull run. LITE Daily Chart(click to enlarge)Support:- As price slides below $50 a share, LITE will be testing some key support factors. - There is a support/resistance pivot area around 44, and a rising trendline probably around 42.- I think a break below 40 could open up further downside, while a bullish market should hold above 42.- Also consider the correction structure, which appears to be an ABC. In this is so, we might see a bullish continuation swing soon,.Upside:- However, the bullish outlook might have to be limited at first because who knows how long the current consolidation period will last.- We might catch a rally from 42-44 support area, but there will be resistance around 56. Ability to break above 57 then opens up the 68 high. - Otherwise, if price holds under 56, it means the consolidation/correction is not over.