We should be just on edge of a powerful decline towards 127.82 and 126.87 as the next targets lower. That said, we are only in the very early parts of wave c lower and this wave c should at least reach strong support at 124.96. However, if we break below the strong support at 124.96 we will see a much deeper decline to our ideal target for this correction at 118.73. Short term we should expect minor resistance at 129.64 to protect the upside for a break below 129.16 and more important a break below 128.97, which will confirm, that the expected powerful decline is under way.
Our triangle scenario panned out perfectly yesterday. We saw a minor correction to 1.6720 before the major decline occurred. We are currently in a correction from the low at 1.6429. This correction could move a little higher, but we are very close to the top. We are now looking for a break below 1.6490 to confirm the top and that the final decline towards our ideal target at 1.6388 is developing. However, as long as minor support at 1.6490 protects the downside we could see this correction higher to 1.6560 before the next downside pressure really takes over.
That said, we are getting close to my ideal target, for this corrective X-wave from 1.7112, at 1.6388 and we should be looking for signs, that this correction is over and the next major rally higher is ready to take over.
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