Support levels at 130.50 and 131 were breached last week and there is a possibility that the dominant downtrend has returned. My reasoning is that wave 1 of this new downmove has already completed (138.50/131) as has the retreacement wave 2 (131/135.20). I believe that we are currently in the 3rd wave and that resistance levels like the 61.8% of 135.29/129.80 (133.15) and the 15-day MA at the same level must be respected.
