The light blue box marks the 5th wave structure so far with a number of possible marked. My own thoughts are that the current fall is the 3rd wave
in a downwards impulse that is not yet complete. If the major RED is broken this may signal the bear trend has started?
If you have a valid EW structure that would fit in the light blue box please post this. Other thoughts welcome.
Note that the current 5th wave top of just under 7800 is just over 1.618 the length of waves 1-3 Circle, this is a common fib ratio.
We just need a few quite days of trading for market to adjust to some form of fair value to allow commencing further analysis.
In the near term, we should expect a bounce to relieve oversold levels but only those who dare to buy?