The is hapenning, probably a 5-3-5. If this pattern happens, we finished the 5 waves down forming A, and a B is developing.
The problem with B is that it can go to a deeper retracement, to levels as high as 88,6% (a little over 1,20). That is a disaster for those that shorted larger lots.
Certainly a lot of SL will be triggered!
I will wait an end of B wave to short to 38,2 and 61,8% level. A reversal pattern in could give us the SL for this trade.
We can go on deeper retracement... but a reversal is expected at 61.8% level at 1.186-1.189.
I will believe in uptrend only if 1.21 falls.