In the intermediate term, the market is still making up its mind .. (point 1) break of uptrendline A .. (point d) failure swing confirms the end of the previous uptrend ..  broken pink line shows the index in a triangle pattern .. broken white line shows a possible unfolding head and shoulders .. In the near term, the index is in a downtrend since Oct07 .. (point B) current provisional downtrend line .. Happy New Year !!