With the break below support at 128.14 we have had confirmation, that a top is in place and a new decline towards important support at 124.96 is ongoing. Only a break below support at 124.96 will confirm my long held target at 118.73, where wave 2 will have corrected 38.2% of wave 1. Short term I'm looking for a break below minor support at 127.85 for a continuation down to 127.28 and a break below here should accelerate the decline towards strong support at 124.96.
As important support at 128.25 (top of red wave i) protected the downside I'm now looking for a break above resistance at 1.7033 to confirm, that the next rally towards the first possible target for black wave v at 1.7160. That said I do expect, that black wave v will continue towards its next possible target at 1.7400, where it will be 50% of the distance traveled from the bottom of black wave i (1.5080) to the top of black wave iii (1.7109) and lastly it could reach 1.7640, where it will be 61.8% of that same distance. However, we shall remember, that in the sense of the Elliott Wave Principle we can already count five waves from the 1.5080 low and therefore we should be aware of the risk of a possible top at any time now.
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