The longer-term up-trend is probably resuming after a corrective pull-back to 120.41 finished on July 8.
Since then a mini-up-trend established itself and reached a high of 124.47 on the 21st before pulling back mildly. It is currently forming a small triangle, which will probably break to the downside in one more leg lower (labelled C on chart below ) before meeting support at the Monthly Pivot and using that level as a spring-board for the next primary trend leg higher.
A break below the 123.67 lows would confirm a breakout from the triangle with a target at the monthly pivot at 123.42.
The longer-term up-trend is probably resuming after a corrective pull-back to 120.41 finished on July 8.
Since then a mini-up-trend established itself and reached a high of 124.47 on the 21st before pulling back mildly. It is currently forming a small triangle, which will probably break to the downside in one more leg lower (labelled C on chart below ) before meeting support at the Monthly Pivot and using that level as a spring-board for the next primary trend leg higher.
A break below the 123.67 lows would confirm a breakout from the triangle with a target at the monthly pivot at 123.42.