XLP 48.20: 6-month triangle top weighs and projects lower

XLP broke below the 47.50 support (December 16, 2015) to post a new 6-month low at 47.46 (June 8, 2015) before consolidating. The 6-month triangle top (as shown on the daily chart) continues to weigh and projects lower. Below the 47.46/47.50 key support area would extend the fall towards 46.56 (October 31, 2014 low) near 50% of the 43.69/50.22 rise next. Below lies the 45.71 support (June 19, 2014 high) near 61.8% of the 43.69/50.22 rise. However, if the 47.46/47.50 support area manages to contain the losses, bulls need to reclaim the 48.47 then 48.86 resistance levels to suggest stabilization.
Outlook:
Short term: bearish
Long term: bearish