EURUSD: 'B' wave or 'a of b'?

Simple chart to state my case.

First things first; that regression channel and trend cloud (SMA 60 plus FLD of same) on the 240min chart is not very bearish as yet, albeit the latter is of course under stress. The price drop was to just above the 38.2% retracement of the whole move from 1.3294 and has so far stayed above the consolidation zone to the left. Although the momentum cluster has not nested as yet, it is oversold on the 4hr and 8hr studies which has me thinking that if this move is not a trend change to the downside and is in fact either a wave 4 or B wave of the whole structure, might this move just be the 'a' wave of that pattern? Also, looking at the size of the move in time, it is already disproportionate to the prior pull backs and in fact if it is an expanding flat, is a fractal of the first correction of significance after the 1.3294 low. As such, I prefer this to be either 'B' or 'a of B', which brings into frame that 100% extension above and higher, but also the distinct possibility of a direct strike into the existing high in 'b' of 'B' followed by 'c of C' back down here, again creating marginal highs and lows, before making the next main move up. If I see price go for broke into the 1.3810 area again, I'll cover my longs and see what happens. If it does start going down again in 'c' of 'B', I'll add to the shorts.