J200 15 minutes chart is showing us few possibilities.
1. Falling wedge (black top line (1) & blue bottom line (2))
2. Falling channel (black top line (1) & black bottom line (3))
In both cases downtrend is developing. Only trend line break will negate current down trend.
Please notice there is major trend line around 25250 (marked as 4), some 100 points bellow current level. Trend line is going back to early October 2009 and it can hold market once more.
Trade with trend!
EDIT: Quick look at same chart one day later. Trend line (marked as 1) still holding after being tested 5 times. Major trend line (marked as 4) is still holding as well. Space between them is becoming smaller and we will have to break soon one way or the other.