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The basis is a correction of the major upswing from the 2008 low of 0.6005 to the 2011 high of 1.1079.
The current move suggests an AB=CD correction is in progress, beginning at the high of 1.0581 on 6th April 2013.
In a perfect AB=CD, the current CD leg would end at 0.8000, which is not far off the 0.618 fib level of the major upswing, which lies at 0.7943.