If it develops, I'll adjust the labels on the chart when counts get eliminated.
Note the divergence on ...that is also indicative of B waves and ending waves.
On a side note, German Bunds found support at a 4 year today. The EURUSD has been running in the opposite direction of Bunds. So if Bunds are supported, EURUSD is likely capped.
IF...and that is a big IF...Bunds crack and break lower through support, we'll likely see the EURUSD scream higher. I think we eventually receive this scenario...but not yet. So as the EURUSD corrects lower, there'll be a spot where EURUSD can be bought in anticipation of Bunds cracking down and EURUSD beginning a big up trend.
We'll keep an eye on the 1.10-1.11 area for clues. 1.0815 likely holds up.
The behavior in the current area of 1.1120-1.1150 will help determine if we are option #2 or #3 in the original chart (I've deleted option #1 in the chart below).
If we continue to sell off below 1.1120, then option #2 flat correction is elevated.
A bounce higher immediately that breaks the channel elevates option #3 triangle and we slosh sideways.