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Charts: More pain likely ahead for biotech stocks

Biotech research
Pedro Castellano | Getty Images

In my Aug. 12 CNBC Pro column, entitled "Biotech charts send warning signal for the market ," I pointed out a bearish price configuration in the Market Vectors Biotech ETF, predicting an additional 7 percent decline to $125.

The chart below shows that my price target was met eight sessions later, as market leaders like biotech and small-cap stocks got hit the hardest during the latest selloff. However, the pain may not be over.