With the test of 130.28 a top is in place, the big question is weather this was wave 2 and we now have begun wave 3 down or it was wave A and we then should have a B wave before wave C up?I favor the first call, that we have just ended wave 2 and wave 3 down have begun. A break below 125.20 will confirm more downside towards at least 121.49 and then 118.50 and below.
If this was only wave A of a bigger correction, then we should see a decline close to 118.50 in a flat correction and if it falls below 118.50 the it could be and irregular flat correction.
What will determine if it's wave 3 or B of some kind of flat. The form! If it's a five wave decline then it's wave 3 and if is a three wave decline then it's wave B.
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