Major long term bearishhead and shoulders has a target around 1.5.
Note: what i dont like about this pattern, is that it doesn't follow well the relativity concept, i mean the pattern is more than 50 percent bigger than the prior trend, in terms of amplitude and time.
Although I agree with you on sentiment, I wouldn't let the numbers coming out of China fool you. China is hovering around 7% growth, but that is 7% of an economy that is double the size it was in 2007. China is still moving along strong.