Large sell-off expected in the stock market.

Looking at this chart, unfortunately, I see a significant selling movement, at the very least a major correction, which could potentially be devastating.
It is clearly visible that there were two false breakouts on the daily chart, with the price failing to close above the indicated line. It tested the line multiple times, and this last attempt made it evident that it will require significant momentum to break through. There is a support level that needs to be tested, and if it fails, it will trigger panic and substantial financial losses.