The index hasn’t done too much since the last report. Still finished the week lower at 5621 with a red weekly candle down bar.


I draw a blue trend line that has been broken, and as long as the index doesn’t close above it, the short term is negative.

In conclusion, there still could be an abc wave formation if the index takes the low at 5604 and if so it shouldn’t retrace more than 38% (i.e. below 5530), otherwise the trend could change to down.