Shares of Lending Club (LC) have been sliding since its IPO in 2015. In the weekly chart below we can see that it remained bearish heading into 2016. Then, after finding support around 3.50, it started to trade more or less sideways.Lending Club (LC) Weekly Chart(click to enlarge)Pennant Consolidation:- The 2016 consolidation may just be a pennant on the weekly chart.- Note that the RSI has come up to 60. The fact that it is holding under 60 shows maintenance of the bearish momentum heading into 2016. - If price breaks below 5.00, the pattern of higher lows would be broken and the pennant support would be cleared. This would be a bearish continuation signal.- A bearish continuation has the 3.50 low in sight, with risk of breaking lower.- In my opinion, this is still a bearish market, and we would have to be very contrarian to hop on now. - Our friends at seeking alpha might be more "adventurous". LendingClub (NYSE:LC) is down 18% since its 4Q'16 results and is 23% below where it sat before its mis-selling episode caused the business significant reputational damage. For those minded to buy this growing loan-investor market model, now is probably a good time to add. (Full Article on Seeking Alpha)To them, the market is already expecting weak earnings in 2017, so there is more upside for positive surprise. But to me, the bearish momentum is still too heavy to call for a reversal. I would rather wait for more evidence of support before betting on a recovery.