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In the bigger picture decline from 2.0158 has completed the five wave sequence already, with first wave completed at 1.7445, second at 1.8668, third at 1.4557 and fourth at 1.5534 and fifth at 1.4466. In other words, a medium term bottom is likely in place at 1.4466 too and some larger scale consolidation would now be seen. Nevertheless, note that a fall from 2.0158 is treated as the third wave of a five wave sequence from 2.1161 only. So, consolidation from 1.4466 is expected to be limited by a 1.6671 cluster resistance (38.2% retracement of 2.0158 to 1.4466 at 1.6640) and bring at least another medium term fall before making an important low. Though, on the downside, firm break of 1.4466 is needed to confirm that long term down trend has resumed. Otherwise, another rebound could still be seen as consolidation continues.