On 2nd January, we discussed the bearish implication of a move below 6069, and that move took us down nicely to under 5200.
The rally from 5177 was described as an ‘X’ wave separating two sets of three-wave downmoves. We had a bit of trouble deciding how high the ‘X’ wave wll travel, but suggested that any close below 5600 will confirm a top. This close has happened today. We should now look to use any recoveries to sell for a move down to 4800.