This line is not correct , in hundreds of pivot points you can always find lines connecting multiple pivot, same way they can be meeting in future pivots also. Real significance of these lines can not be determined beforehand. If you see it to be a major reversal, then say it explicitly. Prices may zoom pass through these lines often.
@sandeepkumarmeenagreaternoida, It's an intersection of TL he drawn + Horizontal Resistance (Which he has not drawn). After such Huge move and at Huge resistance, it can trap buyers buy giving fakeout :D