Having failed to retest its high at $136, this market has came under increasing pressure, with supports at $125, $115 and $110 putting up less and less of a fight. It is looking increasingly likely that bears are taking aim at longer term rising support (shown in Blue) that joins previous Lows, but this may not happen in one thrust. Indeed, a brief return to $115 will provide new bears with a sensible value entry. A drop to around $90 would represent a shade under 25% on liquidation.
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