Illumina broke down below the head and shoulder neckline, in heavy , in September 2015, and dropped approximately 30%, and has spent the last six months consolidating that drop, and shaking out the early bears.
Over the last seven weeks Illumina has pulled back to the fifty day moving average, in light , as the market attempts to rally. This is the third time the stock has attempted to rally over the fifty day moving average. Each attempt has been met with heavy selling back down through the fifty day moving average.
Illumina can be shorted here as it stalls at the fifty day moving for the third time and breaks below it in heavier .