Wave summary:

We continue to look for evidence that the correction from 123.19 has completed. The first good evidence, will be a break above minor resistance at 121.68, while a break above resistance at 122.42 will confirm the completion of wave (iv) and call for a rally higher toward 126.54 in wave (v) to complete wave 3. This also means, that as long as minor resistance at 121.68 is able to cap the upside, we must allow for a move slightly lower to 120.40 and maybe even closer to 119.05 before wave (iv) finally terminates and wave (v) will be ready to take over.

R3: 122.42

R2: 121.68

R1: 121.20

Pivot: 120.92

S1: 120.72

S2: 120.40

S3: 119.05

Trading recommendation:

We will only buy a break above 121.68.