According to Elliott we are at that point there

On the weekly chart, the first 1-2-3-4-5 downward impulse has already occurred and we are about to make the A-B-C correction. A new 1-2-3-4-5 downward impulse will follow up to the 3,200 area, which will be the absolute minimum of this bear market. Zooming in on the month, everything is reduced to 3 correction waves A-B-C with respect to the macro-movement which is obviously long.