As mention previously, I like to see my EW count hold true, but breaking 127 would give an indication of a bearish down trend to the 121-118. But keep in mind, an ascending triangle could potentially be forming as well.
The bearish scenario would be that 118 does not hold and we'll have to see what happens from there.
The bearish scenario would be that 118 does not hold and we'll have to see what happens from there.