An insider's look at the current markets
The area shaded in yellow represents the sideway trading that dominated the price between the 50% and 76.4% Fibonacci levels, while those trades formed an upside technical model with a neckline at 121.40, and as prices breached this level, we believe the way is open to continue the general upside trend, which stopped due to the aforementioned correctional wave.
A strong resistance is located at the 38.2% Fibonacci level, and this level is supported by the clear negativity shown on the RSI, and that could force prices to drop and retest the breached neckline before heading towards the full target at 124.90.
The SMA 50 is providing prices with momentum to continue the upside wave. Nonetheless, we should note that breaching the retest level at 121.40 and settling below it could open the way for further downside movements towards he 76.4% Fibonacci level at 117.95 once again.