Wave summary:

Not really much to add here. The triangle consolidation remains the preferred outlook. We continue to look for wave d closer to 134.62 before the final dip lower in wave e to complete the triangle consolidation, setting the stage for renewed upside pressure towards 134.58 and likely even closer to 138.52.

Only an unexpected break below 122.53 will shift to an alternate corrective structure.

R3: 124.04

R2: 123.73

R1: 123.40

Pivot: 123.20

S1: 123.00

S2: 122.77

S3: 122.53

Trading recommendation:

We are neutral for now.