The decline from 16,631.63 does have impulsive characters, but to confirm that an important long term top is in place, then resistance at 16,456.12 can't be broken. Any break above 16.456.12 will confirm that the decline from 16,631.63 is corrective and a new rally to and likely above 16,631.63 should be seen.
If however, resistance at 16,456.12 does protect the upside for a break below 16,227.31 and more importantly below support at 16,063.20 the impulsive structure will be confirmed and a powerful decline in wave iii lower should be expected.
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