APX: The limit on this retrace for the model to hold is 123.5 (actually 123.36).. That is the 78% fib. Probable is the 61% fib at 124.7 (say 125) (based on the latest numbers). Below 123 the model fails and we are likely not in a wave 5 but in a full on retrace with 121 in the first instance and a further fall after a bounce. But I don't think that is likely. I am betting on the wave 2 subwave with subwave 3 to come and a target circa 136 to 138 depending on the retrace point.
