The failure to break clearly below support at 120.40 followed by a break above 121.48 indicates, that the x-wave is still under development. Short term we should expect support at 121.66 protecting the downside for a move higher towards 122.75, where I expect the x-wave will terminate and the last zig-zag combination to unfold towards the ideal target, for this wave 4 correction, at 117.28. Once this wave 4 correction is finished we are looking for wave 5 to take over for a move above 127.70.
I'm still looking for a very powerful decline to unfold any time soon. A break below support at 1.5730 should accelerate the decline for a test of support at 1.5638 and 1.5592 on the way down to the ideal target near 1.5200. Short term only an unexpected break above 1.5816 will delay the decline for a minor rally towards 1.5847 before the downside pressure takes over again.
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