EURCHF: Preparing for the Fifth Wave Down?

The current upward movement in EURCHF lacks the characteristics of a strong impulse, leading me to assume it is part of a corrective structure within the fourth wave. I expect the pair is beginning to form the fifth wave of the larger 1st wave down.

However, an alternative scenario comes into play if the price breaks above the 0.93894 level, which could invalidate the bearish outlook and shift the wave count. Until then, the downward trend remains the primary expectation.