The correction from the June 2021 peak at 134.12 has tuned into a much more complex correction than first anticipated and the decline to 124.39 has also had significant consequences as we see an overlap between the September 2020 high and the most recent low in early March. This overlap means that the first high can't be part of the same impulsive move, but has to be to separate moves. The high in September 2020 was part of wave 1/, while the decline to 124.39 wave a correction of wave 1/ and therefore wave 2/ of a larger impulsive rally that's building in wave 3.

That said, moving back to the near term, we have likely just seen the completion of wave 2/ just below the 61.8% corrective target of wave 1/ and wave 3/ should now be unfolding towards 148.37 where wave 3/ will be an 161.8% extension of wave 1/.

A break above 128.88 will confirm the completion of wave 2/ and the on-set of wave 3/