Also known as idiot waves?
See bottom left part of chart
This is the usual slide on holidays/weekends.
It is indeed down now to 130 already.
Are you confident that it will go to 120?
Seems quite likely to me that we will see 121-123. But honestly, the 125 support could also be the end. What's more important, is that the last wave should consist of a five wave pattern, which means that after the next small upward movement, the following slide should be the last (of this pattern, what happens then depends on the larger scale. But I assume we won't drop further down, for now).