The break below the support line at 130.53 confirms that the correction is over at the next target is the 129.64 low, where I expects wave i of 5 to end. Bulldozer in a comment to my EUR/USD comment yesterday, see the link, that it looked like a possible Shoulder/Head/Shoulder. As can be seen it could very well be a S/H/S calling for a continuation down to 116.75.(http://theelliottwavesufer.blogspot.com/2011/01/eurusd-correction-over.html#comments)
The hourly chart below shows the micro count. We should be close to a minor bottom in wave v of 5 down. The momentum indicator has entered oversold territory confirming, that the down is be coming limited or more bumpy from here.
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