EUR/USD - Is the correction from 121.43 over?

The long term picture is very bearish for EUR. Support or what was supposed to be support didn't support much and was broken without much fight. A very big Shoulder/Head/Shoulder is clearly visible and call for a decline towards the 87 area.

Taking a closer look, here at the daily chart. We can see, that the market is oversold, but we still don't have any divergence, which is the main reason for my call for a continuation towards the 116 area, before a more serious correction will be expected.

Taken a even closer look, here the 5 minutes chart, we can see a possible five wave decling in making as long as 124.71 isn't broken to the upside. A break above 124.71 would make decline from 126.72 wave b of a flat correction, while a break below 121.74 will make it a five wave decline a wave 1 of 5 down.

I favor the wave 1 of 5 down.