There is evidence that the advance from 1243.25 to 1285 represents w.iv of w.1 down. The advance terminated just shy of the .50 retracement of w.iii circle. Price should not print above 1285, so that's key resistance. I am maintaining critical resistance at 1292.5 to allow for a slightly higher advance and a test of previous support .... now resistance (red line). However traders must be cautious in that this also marks the point where w.iv can't exceed this value by 1 tick to maintain the bearish view. A print above 129250 invalidates the interpretation and I'm wrong.
Downside targets provided in the charts, as well as the 1.272 - 1.382 RF extensions from w.iv circle. These are not draw to maintain a clearer chart.
Best of Trading
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