SMH-bearish-Breaks below 32-month rising trendline for lower

SMH extended the decline off the 60.13 peak (June 1, 2015) to breach 32-month rising trendline (from November 2012 low), suggesting scope remains for further downside. The immediate support lies at 50.40 (61.8% of 44.43/60.13 upleg) then 48.11 (76.4% of 44.43/60.13 upleg). Below there would expose the 44.43 key support (October 15, 2014 reaction low). The 53.97/55.03 resistance zone should cap near-term bounces. Only a push back above the 55.03 area would stabilize.
Outlook:
Short term: bearish
Long term: bearish