My reading of this is that we are in a bullish retracement phase which has just completed a 5-wave rally from 115 to 137. There is some trendline support close to current levels (now at 130.65) but this may not be strong enough to hold short term bearish momentum. I would look lower towards the 38.2% retracement level around 129.00. If an hourly low can form at this level, I will buy in with a relatively tight stop, looking for a renewal of the medium term bullish retracement.