Applying that targeting metric to the current impulsive move, the target for this super trend is .8250. Given the fundamental picture of the two economies, this seems very plausible to me. The ECB and the are on two very different paths in regards to and the two economies will be moving at very different speeds in the future. The Euro Zone has unresolved existential threats that can rear their heads up at any time, and unforeseen threats are more likely to occur in the future that will hamper the Euro Zones economy than that of the US economy.
It is hard to tell just how long the current flag period will last, but it is important to note that positioning, which had been extremely short eurusd across all metrics, has now even out. The positioning re-balance has occurred without a major retrace (beyond the .618 level). Every rally has been heavily sold, and I believe that pent up willingness to sell at lower prices is developing. From a perspective, I would guess that the flag period lasts until January before we begin seeing the continuation move begin.
This is a very big picture outlook. As with any multi year view, there is a vast amount of room for events to transpire that dramatically alter the outlook, but as things stands at this moment, I see the chart playing out.