HTF Context:
Before analyzing LULU, it’s important to define the lens. From a long-term perspective, price is trading significantly below prior highs, which changes the risk profile compared to buying near ATHs. From a market structure standpoint, price has already reacted from a major higher-timeframe demand area, which has slowed downside momentum.
That reaction suggests buyers are present, but overall structure remains messy, keeping this more in the category of a location-based opportunity rather than a clean trend continuation. Until structure improves, this remains a patience setup rather than an aggressive conviction trade.