I think we saw red wave a of D with the test of 1,277.70 which was just above the ideal target at 1,276. Short term I will now be looking for a correction higher to the area between 1,335 - 1,348 in red wave b of D.
Short term a break above 1,292 indicates that red wave b is developing towards the 1,335 - 1,348 target area. As long as resistance at 1,292 protects the upside we could see a move slightly lower towards the ideal target at 1,276, but it's not an outcome to bet on.
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