We could say now the index had an abc wave down and the 5th wave (the last wave) is on the way.


So, the low came in on Tuesday at 5582, and being 1/3 retracement of the move up since November 2015, keeps the index in a bullish move. The large candle on Friday closed on the high so the move might be exhausted for a day or two. Also, the close was above the blue trend line (bullish as well). Still, the wave 5 should be confirmed by a move above the last high at 5827.