Technical outlook and chart setups:
Looking into the wave structure presented here on the 4H chart view, the following facts can be noted:
1. The larger AB and a possible C structure are towards the trend that is up. The C is formed at the 0.786 Fibonacci support level at 119.00 level, which is intermediary support. Stronger support is at 117.00 level that is A.
2. A smaller abcd structure seems to be unfolding within the larger ABCD as shown here. The ab is between 119.00 and 126.00 levels; while a possible c has been formed at 122.00 level. Please note that this c is re-enforced by the 0.618 Fibonacci support of ab and backside of the sloping trendline as seen here.
3. Keeping the above facts in view, common extension is possible at 130.00 level. A push above 126.00/127.00 levels now would reconfirm. Resistance stands at 127.00 and 127.90 respectively.
Trading recommendations:
Hold on to long positions, stop is below 121.00, and target is above 128.00.
Good Luck!