The bull move which began in April 2013 has reached a pivotal position.
The CD leg of the move faltered at the 1.272 fib extension of the AB leg, following a classic harmonic scenario.
The subsequent correction down has hit previous support at the 1.5000 price level.
If this support holds then a retest of resistance at the 1.5890 area could follow.
Events leading up to the daily double top justify a short trade.
Bearish 3-drives type pattern, possibly only failed due to 'no tapering yet' announcement.
Bulls failed to maintain momentum, identified by double top on daily chart.
EW count suggests a correction is in progress.