In my previous post, I talked about the fact that we are in wave c and that 160 dollar was a target for this corrective wave. This wave has touched 160 dollar, making wave c as long as wave a, making it a target of this corrective wave. The best position to long is after an abc correction, since a new 1-5 impulse wave is possible. Know that it is to soon to speak of a reversal yet, as we haven't broken out of the corrective trend (red line) and the max retracement for this wave c is 140 dollar (extension of wave a). breaking this corrective trend would be the first sign of the end of wave c.
In my opinion, the bigger picture is still bullish and this correction is the 2nd wave of the bigger cycle. If this is true the next wave would be a strong wave 3.