Market starting to show weakness again as the 15min cycle peaks at the base of the target zone of 1285. That may well be it for the bulls for today. Next target lower - and final low of wave'1 would be a minor break under the 1265 low from yesterday.
Still in the bulls favour though is the 60min cycle, which could still in theory rally for a few more hours, but it sure ain't looking good right now.
The only chance of hitting 1292/95 now is if we have a wave'4 that is comprised of 5 minute waves up, rather than the usual 123/abc type.
Regardless, we are close to concluding main wave'1 down - on the daily cycle.