Michael Kors Holdings Ltd (NYSE:KORS) is breaking down on the daily chart today. The stock has been on a one-way track for since it went public back in late 2011. It has soared from under $25.00 per share to a 52 week high of $76.74. Today, KORS has broken down in a major way. Further downside is likely. The stock has a classic bear flag that was hovering above the 20 moving average. Today it started its breakdown, taking out that 20ma. Please note the chart below. KORS should head to the 50ma on the daily chart which is currently at $69.75.