The Dalian iron ore futures completed a technical top formation / closed below key support on 27/3/17 at 566 thereby generating a technical sell signal and resulting in the technicals turning negative. The subsequent sell off resulted in the initial downside target @ 516 and secondary sell signal target @ 450 being reached as detailed in a previous Wire (VIEW LINK). The 442 level is currently the key support level to watch. If there is to be any potential for base forming in the near-term this level must hold. However, it is important to note that a close below 442, if it occurs, would signal the next major downward move and target a pullback to 400.