XLU 42.77: 3-month range breakdown projects lower

XLU broke down below a 3-month range (as shown on the daily chart) to extend the downtrend from the 49.78 peak (January 28, 2015) towards 41.90 (October 15, 2014 low) then 41.40 (September 26, 2014 higher low) and possibly 40.07 (August 6, 2014 reaction low). The 44.98 lower high (May 20, 2015) should cap consolidation.
Outlook:
Short term: bearish
Long term: bearish