The TSX is “probably” heading into bear market territory – defined by 20 percent move to the downside from its peak, according to Mike Archibald, Portfolio Manager, Equities at Aurion Capital Management. He says it’s got a lot more to do with what’s going on outside of Canada, than what’s going on inside. Archibald points to China’s economic problems, slowing growth in the European Union and the IMF downgrade of emerging market growth as the main factors lowering demand for commodities.