Last week, we were predicting the inverted head and shoulders pattern that seemed to have been forming would play out, but it seems that it couldn't push through the resistance level that formed at the neckline of the H&S pattern. Instead of breaking through and heading for it's target it bounced off of this level quite strongly and continued downwards.
In light of this price action, it is now forming a Triple Top reversal pattern. The Triple Top Reversal is a bearish reversal pattern typically found on candlestick charts. There are three equal highs followed by a break below support.