"b" wave for SGD USD?

Fig 1 SGD USD Weekly Chart

I haven't been looking at the chart for say 3 weeks, seems like once I stop, there is a difficulty in picking it up again. Took me quite some effort to re-open the metastock, I think his is partially because I fear I might get a shock from what I see. Well, not a lot of shock, but some puzzle here.

I have earlier joy for the re-bounce of the SGD USD, especially it demonstrated a reversal "here white soldiers" (sort of). I am a little surprise with almost a full retracement of this move.

Going through the move from March to early May this year, I can roughly see a 3-wave move. So the logic of the next stage of continuity is an up-ward move. with such retracement it gives me a feeling that the earlier move a only an "a" wave of  a 3-wave movement.

If this is true then it is only 1/2 way down. In such case, a complete move might lead to SGD USD heading towards 1.27.

Alternatively, it is possible that this is only a 2nd wave of a 5-wave movement. Then the prospect of SGD1.45 for USD1 is in sight.

The indictors at present is unclear since they are at 1/2 way mark and possibly not a clear indication of the chart direction. Hence there is a need for closer monitoring.