Why do I think it's failing? I see three candle wicks in the ledge, which informs me that there is serious bear pressure in what is a bear market (at this time). Am I saying it is going to fail and go south? No - I'm not saying that.
What I am saying is that the greater probability at this time is for the south. This means that there is also a probability for the north. Yes - ledges do fail in bear markets.
Most people do not play in the weekly picture. However, I look at higher time frames to inform me of risk on lower time frames.
But there is an even bigger picture in all the worlds markets. Avoid the news except to attempt to manage systematic risk.