I'm looking for a decline in wave 2 towards the ideal target at 118.73. Since the top of wave 1 at 133.81 we have seen a zig-zag correction as wave-w interrupted by an x-wave and ideally we are in wave y down towards at least 123.75, where the ongoing wave y will be equal to wave w. That said we will have to consider an alternative count, in which the x-wave is not over yet. In this alternative Count, the rally from 127.62 to 131.31 only was wave a of the x-wave. The decline from 131.31 to 124.95 was wave b of the x-wave and we are just entering wave c of the x-wave for a rally towards 132.51. If this count is to become my top Count, we will need a break above 128.17. If however, resistance at 128.17 protects the upside for a break below 126.15 and more importantly below 124.96, then we can be sure, that the x-wave did end at 131.31 and wave y is ongoing for a decline towards 123.75 and possibly lower.
I'm still looking for black wave iv down to the ideal target at 163.99. Since the top of black wave iii at 1.7109 we have seen a three wave decline to 1.6537, which was wave w and the following rally to 1.6913 was an x-wave and we are now in the second zig-zag lower. Of this second zig-zag we have seen the a-wave and are currently in the b-wave and the question here is, if this b-wave ended at 1.6599 or we need a little more upside towards 1.6658 and maybe even to 1.6719 before the final c-wave lower to 1.6399 is ready to take over? I think that we would see a little more upside before the final c-wave to 1.6399 can take over.
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