The rally (wave 2) from 1,041.05 has become bigger than one would normal expect. Under The Elliott Wave Principle it's allowed to correct up to 99% of wave 1, but normally when it breaks above 78.6% the risk of a break above or below the start of wave 1 is seen.The 78.6% retracement of wave 1 would be at 1,110.53, so the is a little more room to the upside, but it would be better if a top is already in place with the 1,105.04 high.
As long as 1,110.53 stays intact I will go with the wave 1 - 2 count, but a break above 1,110.53 will make the red Alternated count the preferred count.
So what's needed now is for 1,110.53 to hold and then see a break below 1,064.65, which add credence to the 1-2 count.
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