However it appears that with initial decline in to Dec low, the price action has formed what appears to be triangle which could be complete offering potential short opportunity in wave C decline which should be comparatively strong not overlapping 5 wave decline to conservative 114 downside target.
2. divergence with price between point C and E.
3. Important 120 level appears to be strong resistance which it failed to take out so far.
4. It has been out of sync with SP500 for sometime which could now could now snap back with both declining together (see chart below)
5. Invalidation pint would be 120.45
6. Potential downside target 114 (conservative)
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On the other questions about wave 3 in your above chart, my view is that it is actually abc X abc rather than 5 wave from 2012 low. Hope this helps.