Shares of Garmin (GRMN) - Get Report took a major hit on Wednesday after Goldman Sachs downgraded the stock to sell. Garmin fell over 5.5% on the news, making it one of the top 5 decliners in the S&P 500. This massive breakdown has left behind a rather ominous top and will likely lead to more downside. For patient Garmin bulls, a very low-risk entry opportunity will be the result.

Back on July 27, Garmin extended its post Brexit rally in a big way. The stock ramped over 11% on very heavy trade following a very impressive second-quarter earnings report. This big-momentum move lasted three more sessions, pushing the stock almost all the way up to its 2015 peak. As August began, Garmin was in need of a well-deserved rest after climbing over 40% from the June low. Heading into this week, the stock was consolidating in a very narrow range while giving back little of its gains. On Monday's opening bell, the pattern took a bearish turn.

Garmin has struggled since ending its three-week bull pennant with Monday's downside break. The stock was vulnerable as yesterday began, so the negative news from Goldman had a much more pronounced effect. This dramatic shift will likely produce lower prices before it runs its course.

As this plays out, patient Garmin bulls should keep a close eye on the $47-to-$45 area. A dip down to this key zone will fill the huge July 27 earnings breakout gap. Near the lower band of this major support zone is the April high as well as the 40-week moving average. If the stock can build a base here while wiping out its early August overbought MACD reading, a fresh rally leg has a very good chance of taking hold.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.