![](https://cdn.steemitimages.com/DQmX9X7VdLowUdAX5YL6DBjb1u5ckuJJ8LHCcqyXmgcBTwA/image.png)

I wrote about the likely weakness in the FDN ETF a couple of weeks back [here](https://steemit.com/trading/@technicaltrader/internet-index-fund-fdn-price-analysis) and as it stands, that analysis still holds. 

ANET's biggest exposure within an ETF holder is via FDN, giving weight to the fact that the future direction is lower and that has been confirmed by the major topping pattern that can be seen on the weekly chart.

As long as price remains below the lower boundary of the pattern, we can remain bearish on the stock. The price projection target is at ~183. The next target beyond that would be the 61.8% retrace from the all time low in Feb '16 to the Feb '18 high at ~150.