MEDIUM TERM VIEW
Market in trading range since august last year: levels of the range are 3950 as support and 4400 as resistance.
On weekly charts the market is approaching the support (last price is 4100).
A clear and strong bear signal can come only at the breaking of 3950: in this case the market would fall down to 3650.
On the other way round, if the market breaks 4250 can go as up as 4500.
SHORT TERM VIEW
Market is in consolidation phase, but we can see on chart below a POTENTIAL head and shoulders pattern (that is a bearish pattern). We say potential because it will become effective only at the breaking of 4000 points level on a daily basis: in this case the head and shoulders will be confirmed with a bear target at 3650 points (cfr the target on weekly chart that is the same).
For getting bullish again, the market should overtake 4300 points on the upside.