Zooming out for a view of the past two years we can see quite clearly there has been a strong uptrend throughout 2016/17, so far this year however things have been a bit more bearish. On the weekly we have now slid through S1 which was at 12452.45, S2 is at 12289.13 and S3 all the way down at 12085.06. My chart indicates that should we start heading towards S3 we are breaking a 2 year upwards trendline and the downside potential is huge. I'm sure this week we will see the bulls trying to put up a fight to prevent this potential landslide so it will be interesting to see if they succeed or not, should they succeed their main aim will be to pull us out of this 2018 downtrend you can see, if this is achieved we can start thinking about the 13000 level. For now I personally still lean towards more downside, but the chart does indicate it could go either way at this stage.