There is as yet no sign of any conclusive evidence that a top might be forming. The renewed failure above 138 will raise hopes that a significant downmove is now in the offing but this will only be confirmed by a break below 124, which is a long way away. The bullish trendline lies around 130 and more range trading looks the most likely outcome here. In the short term, selling rallies is favoured but there is good hourly support nearby at 134.05 so patience might be required.
