My invalidation point at 125.89 was tested on Friday, but did not give away, so it is still an open question whether we have seen wave 4 end a double zig-zag combination at 118.73 and wave 5 is developing or the current rally is an other x-wave, before we will see the third and last zig-zag combination down to 117.28. If we do break clearly above 125.89 the rally from 118.73 is wave i of 5 and we will soon see wave ii of 5 down to 122.33 before the next rally higher. However, if the invalidation point at 125.89 holds firm for a direct break below 123.80 the rally from 118.73 must be counted as an x-wave and we should then expect one last zig-zag combination down to the ideal correction target at 117.28, where wave 4 will have corrected 38.2% of wave 3.
I'm still looking for a B-wave triangle to end soon for a break below 1.5800 and more importantly a break below 1.5718, which confirms that wave e of the triangle ended at 1.5874 and red wave c down close to 1.5200 is developing. That said a break above the triangle green wave c at 1.5934 will invalidated the expected decline and call for a new rally higher towards 1.6024 and higher towards 1.6359.
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