Unlike the previous versions, whereas the wine executable are installed globally, it is installed to your home directory in version 5. you can find it at:

~/.cedega/.winex_ver/winex-5.0/

where winex-<version> is your current version of cedega

in that directory, you can find subdirs like bin/ winex/ etc.

here is your old favored cedega, it is in the bin/, with name of "winex3", which is a shell script. When you try to run it directly, for instance:
./winex3
or
~/.cedega/.winex_ver/winex-5.0/bin/winex3
you will have some errors, but you only need to add one line in that script to fix it. which is:
export WINEXINSTALLDIR=$HOME/.cedega/.winex_ver/winex-5.0/

just before the line
if [ -z "$WINEXINSTALLDIR" ]
and done !
you can make a link afterward or run ~/.cedega/.winex_ver/winex-5.0/bin/winex3 directly as you did in earlier versions with the command "cedega"