That move down on the 1st elected a strong cycle major bearish reversal at 179.40...makes it likely for a further decline. The 168 reversal may be elected and possibly the 163.70 also...the major reversal at 162.30 may be the one to save any further decline and that would pretty much line up with the May ECM target. The decline channel target is 160.90...the advance channel target would be 168.10...

The 168 reversal is a minor reversal but is also strong cyclically...we'll have to see how it acts once it gets there...if elected then we'll likely see another move down.