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Yesterday RIO broke in the Australian market, falling to a new intraday and closing post-GFC low:
Overnight it was hammered as well, down -4.7% in London and -5.2% in New York. However the Australian market still has a lot of catching down to Northern Hemisphere markets given the Australian stupidity premium:
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On the monthly chart, we’re off to Hades with no support until we hit the GFC lows. That’s are my target but, to be honest, I think anything is possible in this bear market: 
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.