With the break below 121.83 my bullish count was invalidated and at the same time telling me, that wave ii of 5 is still ongoing. We expect resistance at 124.09 to protect the upside for one last decline towards 120.66 before this zig-zag combination is over and wave iii of 5 will be ready to take over. That said, a break above 124.86 will clearly ease the downside pressure and indicate a new rally towards 126.04, but we need a break above here to confirm, that wave iii of 5 is well under way already.
The correction from 1.5454 has been larger that we anticipated, but we should be close to a top here in the 1.5623 - 1.5650 area for a break below 1.5575, which indicates that wave C down towards at least 1.5390 and ideally down to 1.5200 is well under way. As long as support at 1.5575 protect the downside we must accept a move closer to 1.5650, but any break above 1.5709 will be a warning that wave e could have fallen short of it's ideal target, while a break above 1.5770 will confirm that a call for a new rally higher.
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