Both distribution patterns form at elliot wave point 5. Retrace down to 61% of top to previous top and retrace up to 78%. After that sideways consilidation and break down after distribution.
Yes the support of the 200 weekly ma is strong, but for how long, we will see.
I see you're comparing 1M vs 2D charts. Normally I don't like the different scale comparisons but the similarities are strikingly similar even when looking at prior history on both charts. Interesting concept, thanks.