The last downswing too has consumed about 8 days and now we are in the upswing phase with 2-3 days having passed by (coinciding with the possibility of final greek bailout settlement).
Watch if the index is able to retrace in faster time its last downswing - meaning we have about 3-4 days to take out the 5100 approx. levels to confirm a turnaround in the trend.
This chart should also help understand that while the index started falling from April 2015, its only a month or so now that the Greek problem is being shredded on the media all over the world. Would you be more likely to believe the early discounting theory of the markets now?