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The exact 138.2% level is 1.2770 which also
intersects with the 4/15/2005 low of 1.2767. This is compelling technical
evidence that a short term top may be forming. A continuation of strength
past 1.2770 targets the confluence of the 2/18/2004 high / 161.8% extension at
1.2927/31. If this is indeed a short-term top, then look for contra moves
towards the 5/4 low at 1.2570 as well as the 23.6% fibo of 1.1825-1.2764 at
1.2543
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