The pair broke down out of a rising channel, and then hit support at the Monthly Pivot at 123.85 before rebounding. It is in the C leg of a large sort of large a-b-c correction. C should probably fall further until it is at least 61.8% of A, giving an end point roughly at the Monthly Pivot again.

A break below the 124.06 lows, would probably result in a move down to 123.85.