FXI 39.86:16-month rising trendline breakdown projects lower

FXI peaked at 52.85 (May 4, 2015 high), near 61.8% of the 2007/2008 fall (73.11 peak/19.35 low). The following fall broke below 16-month rising trendline (from March 2014 low) to reach 39.61 (July 8, 2015 low). Further losses expose the 36.72 low (September 27, 2014 higher low) near 76.4% of the 32.58/52.85 rise. The
44.33 area (July 7, 2015 high) should cap near-term bounces.
Outlook:
Short term: bearish
Long term: bearish