The rally from 134.29 has extented to 137.31, which is of concern. The most bullish case we can make is that the rally from 134.29 is a wave (ii) of iii. If this scenario has any value we must not break 137.32 at any point, but should soon see a break below 136.07 and more importantly 135.33 which will confirm this as being a wave (ii).If resistance at 137.31 breaks the decline from 138.61 clearly becomes a three wave decline opening up for a new test of 138.61 soon and continuation towards the 140 area and problably higher towards the 143-144 area, before wave D is finally done (see below)
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