I'm currently looking for a break below minor support at 125.21 and more importantly below support at 124.77 to confirm the next move lower in wave c of 4. This next move lower should be quite powerful and will likely reach 123.79 quickly once we break below 125.21. However, my longer term target for wave c is at 117.24, but we must expect, that strong support at 120.71 will put up a real fight. Short term we are looking for resistance at 125.97 to protect the upside for a break below 125.50. If however, we break above 125.97 resistance at 126.57 should do the job and protect the upside otherwise we will likely have to reevaluate our count.
We have seen the expected move lower towards strong support at 1.5750. As can be seen in the chart above, the decline from 1.6359 is clearly corrective in character and once this decline comes to an end we will likely seen a fast rally towards the upside. However, for now we should keep our focus towards the downside for a move closer to 1.5750. Short term we will likely see a little rally towards 1.5918 before the next decline lower towards 1.5790 and 1.5750.
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