Hello,
I have been using the following concept in MKII that fails in MKIV:
\setupexternalfigures[directory={img,../povray/img}]
% OK
% desired figure located in "img/fig1.png"
\externalfigure[fig1][width=\textwidth]
% fails
% desired figure located in "../povray/img/x/fig2.png"
\externalfigure[x/fig2][width=\textwidth]
Mojca
(PS: enough MKIV bughunting for today ... back to MKII for a while :)
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