The current chart shows that this critical level was tested from above but managed to hold. For now. If this level cannot hold then we are either building something exotic (and therefore unlikely) like an expanding wedge OR the past 3 waves were corrective. So here is yet another trigger to put into your charts so that if it goes off you get another indication of likely trouble coming. I will generally have 2-3 indicators at least on different charts to warn me of things like this and I know there is something going on when all of them go off within about 30 seconds of each other during the trading day (which is often how it works - when one well placed trigger goes, the all go within a short time span).
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