The Euro has been surprisingly strong the last two trading days, yet one further wave lower still appears likely later this week.
You can see on the daily chart a clear main wave'1 lower, with a minute wave'2, and what is currently a minute wave'4.
Target for Tuesday is a further minor gain, briefly breaking/testing the daily 10MA of 1.2529, maybe getting an intra-day peak of 1.26.
I am still looking for one fifth wave lower, with a target of 1.20/19, that would actually suggest index targets as low as sp'1225 by Thursday/Friday (with VIX 29/31). An interesting thought to sleep on.
Goodnight from London