First analysis on and index..., I did this analysis on request of another TV member.
Everyone knows that the longterm 'up' trendline broke and the trend is (or at least was... ;-) ) down, but at which stage of that trend we are at right now is the question...
There is a possibility that we have finished a wave 'I' based on a possible leading diagonal scenario on the daily (I'll post that next) and so we might get a decent retracement all the way up to the 6500 level..., we'll have to see what happens...
RSI and MACD are not conclusive at this stage imo... MA's are aligning with the trend but that only says something about what already happened... ;-)