The last decline towards the ideal target near 1.4074 is now developing. At 1.4074 we does not alone find the 38.2% corrective target of the rally from early August 2012 at 1.1605 to the late December 2013 top at 1.5597, we also find the low of wave iv of one lessor degree, which is a very common target for a correction.
Once at 1.4074 we should be looking for signs, that the B-wave correction is over and wave C higher is ready to take over, but for now we will stay focused on the downside and expect minor resistance at 1.4196 will be able to protect the upside for the next part of the decline towards 1.4074.
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