There was no time for one last decline in wave a, which the break above minor resistance 124.50 confirmed. Currently wave b is unfolding and we could see one last move higher towards 126.78 as long as support at 125.50 has not been penetrated. A break below support at 125.50 will be the first indication, that wave b is over and wave c down has taken over. The final confirmation that wave c indeed is in motion will be a break below 124.52. The first target for wave c once it takes over will be at 122.37. The ideal target for this ongoing wave 4 will be at 117.24.
Strong resistance at 1.6072 was pierced, but important resistance at 1.6147 was never in any danger of being broken. We are now looking for a break below minor support at 1.5889 to confirm the next leg lower towards strong support at 157.50. The next move down will likely be very powerful a dynamic in its character and we should see a quick decline to 1.5892 once support at 1.5989 is broken. Short term we will find resistance at 1.6058, which ideally will protect the upside for the break below support at 1.5989.
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