Commentary: We remain bearish against 122.13. The clear break of the trendline drawn off of the 4/19 and 5/11 lows and a 5 wave decline from 122.13 gives scope to more losses. The rally from 120.75 is most likely a second wave in a larger 5 wave decline.
However, it is unclear whether or not the upward correction is complete. Resistance is clustered from 121.44 to 121.83 (50%-78.6% of 122.13-120.75). Potential trendline resistance is at 121.50 and the former support line (off of the 4/19 and 5/11 lows) is near 121.60 (which is th 61.8% of 122.13-120.75). Strategy: Bearish Now, against 122.13, target TBD