With the break above 129.90 we had the confirmation, that we needed to exclude the possible running triangle and continue working with the zig-zag b wave towards 131.27 or just above. Once this b-wave is finished we should expect a powerful decline to the downside, with a minimum target at 124.96, but it will likely go lower than that. Short term I'm looking for support at 129.80, which ideally will protect the downside for the next rally higher towards 131.27. However, it will take a break below 128.85 to invalidate my call for a rally towards 131.27 and indicate, that wave b is over and wave c lower already is developing.
I'm still looking for the ongoing X-wave to finish. As long as support at 1.6665 and more importantly support at 1.6600 protects the downside we should see one last push towards the upside for a rally towards 1.6908, before the next powerful decline towards my ideal target at 1.6388 begins. However, looking at the larger picture (see the chart below) we are looking for much higher levels over the coming months/years. As my minimum target for this ongoing correction, I'm looking for a 38.2% correction of the decline from 2.5775 to 1.4966, which comes in at 1.9094.
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