Number three is an important number in TA and we had four attempts at a breakout but failed so far. A confirmed PIVOT POINT REVERSAL ( a bearish short term reversal) in bar chart terms on hand today.
What does this mean ?
A reversal like PIVOT POINT may have a bearish effect over the next five trading periods ( in this case around 5 days).That is the general thumb of rule anyway. Also it may mean RISK OFF, safety first and foremost.
At this stage, we are still within the boundaries of the trading range of approx. 300 points ,with a potential of another support zone test ( yellow shaded support zone at the bottom).
It will be interesting to see if the violated RESISTANCE LINE of the prior down trending channel provides some support as it did on the 24th 27th and 28th of July.
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