I long while ago I identified an ascending bearish wedge in the European FTSE Index ETF VGK and on Wednesday of this week it broke down. My short/sell signal was beautifully positioned (at around $50.50) and timed (and rare win for me lately) and since then both EMA's have developed negative slopes and are moving downwards. Our first port of call will be $47.50, a low put in back in October of last year however the question then becomes where do we go from there? Will this break down further or will it be out second stop in a five or seven wave down-pattern? Whatever happens take some of the shorts off the table at $47.50 but the long-term indicators have all crossed over bearishly so we could be in for an extended decline.