CFR - Backtest of doom?

Looking at the Richemont, we may derive the following from the weekly chart:

1. CFR is at a notable resistance level where price has slowly started to reject the previous trend line. (The backtest)

2. We are seeing a correction pattern in play.

3. I am favouring a move to downside in the near future.

4. If the backtest holds, bears will bring the price down.

5. As always - maintain your risk management.

Let's see what happens.

Note: The views provided herein do not constitute financial advice.