Update

I think we have impulse lower better visible if you look at other indices like DJ,NYSE,SPXEW. The logical behaviour is to see wave 4 and 5w high, then the final low with 10w low followed by retracement higher for 10w high - all this in the next one month. Alternate move into 10w high is already under way.

One more low for wave 5?

The shorter cycles.... alternate we have 5w high and move into 10w high has started.

Update

We have corrective pattern for the 5w high so we will see at least one more leg lower when the pattern is completed.

Long term look at cycles since the last important low and high:
- lows(red) does not realy adher to the theory just one 18m cycle. What we have is 2.5 years cycle.
- highs(blue) running almost exactly 18 months like thetheory says... usualy they are shorter.
If this continues we should see decline for one year to MA200 like all the previous declines in the 6000 area +-200 points then higher for 6 months.