EUR/USD - Something doesn't look right

At this point we could be making a flat correction or a running triangle as wave iv. The daily chart isn't to much help rigth now.

Looking at the 5 minutes chart below that might give us a clue... Looking at the decline from 126.72 I can count five waves down, but the last wave doesn't look quit right. If we only look a wave 5 down wave iii is 1.618 times the length of wave i, but the onging wave iv has overlapped wave i, which leaves us with only a expanded endendig diagonal as wave 5 down. If this is the case we can't have a break above 123.43 before we have seen one more decline below 121.53.
A break above 123.43 without the decline first, would raise the odds that we are in some kind of flat correction or a running triangle of some kinde.