We have seen a slight break below support at 129.46, but i'm looking for even more acceleration towards the downside, as this possible wave iii of C progresses for a decline towards at least 128.80 and likely even down to 127.19. Short term we would like to see resistance at 130.31 protect the upside for the next break below 129.42 confirming the next decline towards 128.80. However even a rally towards 130.65 would not invalidate our bearish call, but we should not break above 130.65 as that would call for a new test of resistance at 131.40 before down again.
We not alone got a daily close above resistance at 1.6358 we are also have seen even more acceleration towards the upside. With the close above resistance at 1.6358 we now have a new upside target at 1.7751, but we could easily move way beyond this target longer term. As we have seen the acceleration higher getting even stronger I'm a little in doubt if green wave v is extending or we already are in blue wave v. It doesn't matter much for we shall see even more upside progress in this wave iii towards 1.6739 and possibly even higher towards 1.7045, before wave iii is done. Short term I would like to see support at 1.6464 protect the downside, but more importantly see support at 1.6392 protect the downside. A break below 1.6392 will indicate, that we have seen an extension in green wave v and blue wave iv is developing before blue wave v takes over.
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