This could be one of those rare cases, where wave ii almost corrects the entire wave i. Having retraced 97% of wave i we now need a break below 127.90 to confirm that wave ii ended at 127.10 just below wave i starting point at 127.18.A break back below the red former resistanceline will also confirm that the downtrend from 133.33 is back og track.
Stay tuned, because we are not out of the woods yet. This could be an expanded flat wave (iv) correction and a break above 127.18 would call for and extended move higher towards 130.47 and maybe even 131.73 before finally topping out. This later projection still isn't my preferred count, but one have to stay flexible.
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