The expected rally towards 144 to mark a wave-b high was realized and the choppy turn lower makes the case for a wave-c decline. The pattern from last December still fits the template for a bull triangle and since wave-d higher is completing, only wave-e down is missing to forma an ideal correction. S/t, there is key support via the recent breakout above 141.95; once below, we will shift our focus to labeling wave-e down. The targets for this final leg lower are based on the triangle uptrend near 140.64 and low of wave-C at 139.97. If either 143.79 or 139.97 are broken in the near-term than the triangle is invalidated. Conviction: Medium Levels: Support – 141.95, 141.79, 141.32 Resistance – 142.65, 143.38, 143.79
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Nomura