1 - it reached the upper channel
2 - 130 is an important level in fibo terms (161.8 % of the 2012 correction
3 - it climbed 6 weeks (same time frame than oct/nov14 rally.
How low: i dont know for sure.
if there is another leg up to 145/150, 120 will probably retain and the correction coudl be shallow.
it could also be a flat and long lasting correction that goes reach the line.