This is the bearish alternative, which looks good as well. It will imply a wave 4 of smaller degree and a retest of 1.2765.
The top of wave 1 down is at 1.3035. If a wave 4 is forming it cannot go above 1.3035. If it goes above 1.3035, the bottom at 1.2777 was indeed a wave c of 2. If the price stays below 1.3035 and turns down to retest 1.2765 we are bearish again with an initial target at 1.2500.However, there is a catch. If we turn from 1.3035, we can still be in a wave 2 of 3 up, we need a break of 1.2765 to confirm a wave 5 down in order to be bearish.
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