BTFD or GTFO?, page-22

Bit of a plunge and (partial) recovery on the ASX today...



Here's how I interpret it -

Mr Market had a look at the 7900 level and decided it was important,
as it was a clear resistance level... twice.
So, having made a new all-time-high,
this 7900 level needed to be tested as support - 1
But soon after, that level failed to hold as support - 2
So it needed to be tested again today - 3