The break below 119.19 indicated that a top could be in place at 122.02 and a correction of the entire rally since the 75.56 low is developing. That said, we have to acknowledge that one impulsive structure does allow for overlapping waves and that’s the ending diagonal. If this alternate count is unfolding, we still need one final rally to new highs just above the 122.02 high and likely not above 123.52 before the major correction takes over.
To confirm that the top is in place a break below support at 118.31 and more importantly a break below support at 115.83 is needed.
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