I'm still looking for one last rally higher towards 122.74 as long as support at 120.96 and more importantly as long as support at 120.36 protects the downside. From 122.74 or upon a break below 120.36 we should expect renewed downside pressure for the last zig-zag combination towards the ideal target at 117.28. At 117.28 wave 4 will have corrected 38.2% of wave 3 and once this target is reached the entire correction from 127.70 is likely to be over and we should expect the final wave 5 rally to above 127.70.
Here I'm looking for a powerful decline. Short term I would first like to see a daily close below 1.5685 followed by a break below 1.5593, which should add considerably downside pressure for a decline towards 1.5505 and likely even close to 1.5200. Short term we should not see a break back above 1.5760 and more importantly not above 1.5822 as that would question further downside pressure.