Lululemon has been a darling since March 2009. The good times are over for Lululemon. Lulu made a double top in August 2016 against the first top in May 2012. Since the August 2016 top, it has been steadily under performing against the S&P 500 index. On March 30th, 2017 it gapped down and violated the neckline precisely with heavy volume.We project the downside target to be 35.30. We recommend buying slightly in the money, three months duration puts to short LULU. Stoploss is 54. When the stock trades above 54, you should liquidate your puts.