We are sticking with our assessment that a 5 wave drop from 108.35 may be complete at 101.40. This does not change the long term bearish call for the pair to test the 1995 low near 80, but it does suggest that at least a correction is due; possibly all the way back to 104.
Under this count, the up, down sequence from 101.40 is wave a and b within the a-b-c correction.