Important support at 123.87 protected the downside for a direct break above 126.05, which confirmed that we had one last rally higher coming. As blue wave iii of wave v was slightly shorter than blue wave i of wave v, we now know the absolute maximum length of blue wave v of wave v, which is at 129.77. Any break above 129.77 will force me to reevaluate my count. We are now getting a cluster of Resistance in the 129-area. At 129.18 wave v will be 0.618 times the length traveled from the bottom of wave i to the top of wave iii. At 129.55 Wave 3 will be 3 times longer than wave 1 and finally at 129.77 blue wave v will equal in length to blue wave iii. This means, that I will expect wave 3 to top out in between 129.18 - 129.77 and wave 4 to take over. Short term we will find important support at 125.73 and a break below here will be the first indication, that a top is in place. However, to confirm the top we need a break below 124.01.
The channel support-line held as expected for a break above minor resistance at 1.6043, but the rally from 1.5969 is in no way impressive as of yet and we need to see some acceleration higher soon for a break above 1.6158, which will indicate a new rally higher towards 1.6277 and 1.6358 on the way towards 1.6524. Short term we now find support at 1.6043 and important support at 1.5969. A break below 1.5969 will weaken the uptrend seriously and be the first indication, that our count is wrong.
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