For $GRPN, there was never a chance for them to be bullish.
Just look at the Ichimoku chart for Groupon. The price level was trading below the kumo most of the time. There was only a small peek in Feb above the kumo and it fell very quickly breaking through various support and even gap down before April.
After which, it was just a ride down. Today, less than $6.
The Ichimoku indicator is not even fully formed on Groupon ($GRPN) and already we can see that the bearish indicators are aligned:
1. Tenkan sen cuts Kijun sen towards the down side (sharp cut)
2. Price is trading below the leading kumo
3. The leading kumo seems to suggest that it is about to twist; further confirming that the trend is towards the bearish side.
Target price $15.