The recent gyrations over the last 2 months I suspect could be ending an expanded flat. With an expanded flat the [b] wave moves above the origin of wave [a], but the move into the wave [b] highs is in 3 waves, that appears to be the case with this example, you can count 3 waves from 1.2622. If any upside stays below 1.2700, then I favor more weakness for a small 5th wave of wave [c] and develop 5 waves from 1.2919. Thats when I will turn more bullish.

I am also tracking another idea which suggests the low is in for the whole correction from 1.2914, but unless a strong move above 1.2700 allow for minor new lows. There is structural support at 1.2450 if needed to setup for a rally higher.