A small 5 wave structure down-then show support is the picture. It is possible to get a marginal new low below 1080 but volume would need to be significantly less than the 22 nd to be considered a low. Picking bottoms in stocks that are trending down is foolishness. LU is a good example, down to 10 last week from 84. I heard a few recommendations to buy at 10, and it hit 5.5 the next week.
Any long positions held past three days are at risk.
Look at the NYSE Composite. This index is still in the top. But when looking at weekly charts of the Dow Industrials and the NYSE Composite, they are not yet in bear trends. I ll show a chart with the long term cycles. Most stocks in this market are now in a 5 year down cycle.