This is a perfect example of Elliott wave theory at its best, After a five wave move to the upside there is at least a three wave move to the down side to around the area of the previous fourth wave. After taking the distance of wave 3 to 5 starting at the end of wave 2 the very least that should happen is an Elliott wave correction which retraces 38.2% of the move which would put us close to the previous fourth wave and after calculating where wave C of the correction should be it comes close to the same area and forms a Fibonacci resistance zone.Price target is 1.6080 form the point where I got short at 1.6380.