We were at the 10th bar in the 3rd daily cycle. The last nine trading days have been range bound between 2254.25-2282.10. The high @ 2282.10 established on 01/06/2017 has not been violated. Violation of 2254.25 on the downside will indicate the selling pressure is picking up. The selloff will last at least until Jan 26, 2017 to be around 2200 price level.The 2200 level is the first A wave down. We will be looking for B wave and the final C wave to finish the weekly cycle. Stay tuned until then.