Now that prices have reached that level, it confirms the fourth wave is progressing as anticipated. We still are not sure of the shape, depth, and structure as we have 2 options listed above...1) a triangle, and 2) flat pattern.
Under both scenarios, prices retest the highs and may work itself higher towards 1.22. A triangle will take longer to do so.
C = 1.618 the length of A == 1.2207
Also you have the 50% retracement of the 2014 impulse downtrend = 1.2201