The failure to clear key-pivotal resistance at 140.08 (internal wave 1 low) left the market in a highly vulnerable stage and kept the broader down-rotation intact.
That said it would now only take a break below the last low at 137.70 to confirm that we are not only dealing with the classical overshooting of a 76.4 % retracement (at 138.02) but most likely with a C-wave down to 135.55 (int. 38.2 % on higher scale) if not to 134.36 (C = A).
Only a break below the latter would constitute a scale jump in favor of a much broader setback to 128.10 (38.2 % on higher scale) and possibly to 119.90 (50 %)..
In order to start questioning the prevailing negative bias again it would on the other hand take two consecutive higher hourly closes of the lagging line above the Ichimoku-cloud (currently at 138.68)
JP Morgan