The mid-point of May-Aug decline was at 1.23. We are likely to approach 1.14 at the end of wave 5.
Timing-wise, all is supposed to finish in September, but as usual, it may take more time than we initially estimate.
After some back and forth the alignment is there: bonds are ready to go down, and stocks are going down already.
The possible upside in bonds is extremely limited: I think the most likely scenario is they go down, and will drag down the stocks much lower than they are today.
The structures developed in the market across all instruments are unchanged: all currencies need to trace another major low vs the Dollar, the indices should slide further, losing 20-25%, the bonds are due for another high, and metals should explode.
I think a valid scenario for DB is to trace an extended wave 5, since wave 1 and 3 are likely completed.
The green w3 should bring us to 1.17..1.18, which together with the decline in EURGBP should yield some impressively low price levels for the EUR.
We have an ending wedge in the Pound which started early 2018, so the entire structure will take some time to complete: may be until end of 2019.
My forecast since late 2017 was that EUR should decline to below 1.00 (targeting 0.8944) due to a simultaneous sell-off in the Pound and EURGBP. This chart shows my expectation for EURGBP, see my next chart for the Pound.