The analysis suggests a five-wave move upward from the August 2nd low. It is tracking a possible diagonal structure, with wave four bottoming on August 2nd. The analyst proposes a target near the 61.8% extension level, around 120050. A break below 116990 would cast doubt on the analysis, especially if it's followed by a break below 116440, indicating a deeper pullback in wave two. The current analysis hinges on holding the support zone between 116990 and 118087. A break above 121050 is seen as highly bullish. A deeper pullback may invalidate this analysis. The wave 5 is expected as ABC structure.