After Bayer's stock recently tried to break through the support level of €39.91, it has now made another attempt. Whether the stock succeeds in sustainably breaking below this support level - as envisaged in our primary scenario - or whether it needs further impetus in the form of a corrective upward move is irrelevant for the further course of our expectations. We therefore fully expect a sell-off below this level, as we expect the low of the major wave (II) correction underway since 2015 to be around the 78.60 retracement at €30.84. Only once this low is in place do we see Bayer shares making sustainable gains again.