Wave summary:

We have seen an anticipated rally higher, but wave c was terminated at the resistance line of 133.19 and could not get higher to 133.55. We think that wave (ii) ended a little early and wave (iii) is developing now. A break below 132.09 will be the first strong indication that this was done for a strong decline lower to 124.55 and possibly even lower.

Resistance is now found at 133.19 and again at 133.55, but we expect resistance at 133.19 to protect the upside.

Trading recommendation.

We missed our selling target at 133.50, but will look for a new selling opportunity at 132.80 or upon a break below support at 132.09 with stop placed at 133.25.