We are longer term bullish against 1.5611 but expect a drop below 1.5783 in order to complete a 2nd wave correction from 1.6039.

While the decline from 1.6039-1.5783 is in 3 waves, the rally from 1.5783 does not count well as an impulse.  What tips our hand is the portion that is labeled wave a of X, which is in 3 waves and therefore corrective.  Longer term traders should remain bullish against 1.5611 while short term traders can try the short side (keep in mind that shorting here is going against the larger established trend).