2 possibilities

The problem is the decline from 1.2900 to 1.2730. It's unclear if it's 3 or 5 waves. So here are 2 charts with the possibilities.

5 waves : possible end of wave 5 or getting ready to explode lower

3 waves : wave 4 expanded contracting triangle

It's just the start

Here's the update to the count on the 15 min chart. Looks like lower prices to come. The alternate count is more bearish.

Double D

No, not that double D, but Deflation and Dollar. Here's a usd/chf (updated) count which shows this pair is ready to explode higher. Price has bounced on the green trendline and has touched the 76.4% FIB retracement. Deflation could certainly cause a rush to the us dollar.

To Beat a Bear, You Have To Be a Bear

Wave ii was a small wave, but many times during a 3th wave on a bigger scale, waves 2 can be small like this. It now appears that wave 3 is complete (or close to it). Look for a wave 4 to bring us back at another shorting opportunity. The alternative count is very possible aswell, since this is a 3th wave on multiple scales, a very bearish counts stand good chances of coming true.

Perfect Storm

A perfect storm has a lot of big waves and it sure looks like we're just ahead of a couple of huge ones. A first 5 waves down has allready completed and it looks like a second 5 waves is now complete aswell. Wait for a pullback for another shorting opportunity.

The Euro Has Topped

With 1.3202 broken, 1.3334 now seems to be the top i was looking for. Any descent rally should be should sold with a stop at (or just above) 1.3334. We probably have 5 waves finished from the top, so a 3 wave correction will offer a nice shorting opportunity.

Dollarcoaster

1.3202 is key level for this count. Don't forget the FOMC event tomorrow, it could lead to big moves. Not only the event itself but the expectation of the news could be a marketmover. It should get interesting after that with lots of volatility. US Dollar looks ready to turn higher.

Clearing up

My suspicion was correct, there were 3 waves and we made another high. Things seem to be clearing up. The 100% FIB extention of the first ABC is target for the second ABC, this would complete a complex double three correction. This type of behaviour is common and when we zoom into the smaller timeframe we can clearly see we're close to the end of 5 waves of C.

Finished or not?

With the previous count invalidated, this is the next best option. Price following the top, appears to be in 3 waves. This can mean 2 things. Either it wasn't the top and we go a little bit higher, or there was a top and we have started a wave B on a bigger scale. We should know more about the direction after tomorrows NFP numbers.

Finding a top

Price is getting really close to the point of invalidation. And with one more small wave to go, this cannot be a big wave.