As always, I have more to say on the charts themselves. But I will leave you with one observation. In the last chart shown here, you will see an extended fifth wave that could potentially finish around 1.2600.(I have labeled it as an extension within the 3rd wave, but it could be the fifth wave in an alternate count) An extension is completed only when it is completed, i.e. it can keep going on and on. However, you should be alert for any signs of a reversal because if this was an extended fifth, you will get a sharp snap back to wave 2 of the fifth. This is why I might consider recommending covering shorts in stages as we approach the initial target. Later on, however, we should be looking to reinstate shorts because in the big picture the Euro looks firmly entrenched in the bear camp. Good luck.