As long as support at 124.87 protects the downside I'm still looking for one last rally to a new high slightly above 131.12. However, it should be remembered, that we are in the absolute final stages of the rally, which started at 94.10 and once this rally completes I expect a big correction towards at least the 118.73 - 119.10 area. Even though I expect one more rally higher, the possible odds, that wave 5 already is in place is so high, that I'm more focused on the downside risk. A break below 127.15 and more importantly a break below 124.87 will increase the downside pressure and indicate, that wave 5 did indeed end at 131.12.
I'm looking for one last decline in wave c of an expanded flat correction, which are developing in wave ii. Short term I expect minor resistance at 1.5483 will protect the upside for this last decline towards the 1.5361 - 1.5375 area, with a possibility of an extension towards the 1.5319, but looking at the structure I do think the risk of an early termination, of this expanding flat, is more likely. From 1.5375 or upon a break above 1.5527 I expect to see a powerful wave iii higher towards at least 1.5853, but an extension of wave iii is more likely, which would push wave iii higher towards 1.6148 and possibly even higher towards 1.6330.
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