I am zooming out to the daily in order to highlight the long term bearish implications from the 5 wave drop and subsequent 3 wave rally (since July 2008). The corrective rally from the October 2008 low ended right at the former 4th wave, which is typical of corrections. The pattern since the October low can also be categorized as a head and shoulders continuation. Coming under the February 2 low at .6245 would mark a break of the neckline and focus would then shift to the October low of .60. A word of warning to bears though, staying above .6245 keeps the larger range intact and there is risk of a rally that exceeds .6857 prior to resumption of the downtrend.