Last week pair closed below 100-WMA for first time since June

Close over 100-WMA in June led to the rise to this year's high

Subsequent decline is resulting in long liquidation

Longs which reached $25 billion in July now $18.2 billion

A second close below 100-WMA may result in deeper drop as more longs pared

Scope for base 20-day Bollinger bands and 38.2% Sep-Jul rise at 1.0608