It is now a w--x-y corrective ending at this weeks high.where y is a regular flat. Wave 2 is within the 61.8% retracement and near the 4th wave of lower degree. The multiple right shoulders also face resistance now at the 20 week avearage and should sell off into wave 3 from there.The neckline of the large H&S is at 9560 and the target 8300.
(sources)