After bad guidance and downgrades, ILMN was destined to fall. My theory for initiating a swing trade is the selling was too overdone. This is not a long-term "long" but an idea for a short-term "long". I think it is very likely to recover to the 200 EMA (purple line) but watch there is a daily trend line (black line) which will likely be strong resistance too. Currently, they are at about the same level. I am long until that point and personally will be taking profits. I may keep a smaller position on for a $340 target depending on how it looks at that target. My stop loss is just below $300 which has good daily support and was the intra-day pre-market bottom of this massive dump as well ($299.61).