Big move ahead, but what direction?

Price is building up in what appears to be a 1-2-i, or 5 waves - 3 waves - 5 waves. Another possibility is that this is an abc pattern (zigzag is also 5-3-5). If price falls below the start of wave i as proposed in this chart, I will be more bearish and looking for a new yearly low (< 1.1875 ). If on the other hand 1.24 is broken to the upside, I will look for higher prices with confidance.