The ASX 200 weekly chart shows that the trend is up, with the area just below 5000 acting as key support, say 4975 to 5000. That support needs to be broken before any call is made that the up trend from last years lows is finished. In the meantime, the trend is up.
Daily chart shows the up trend slowing, with the market falling below the recent up trend channel and then finding support at the trend line drawn from the December low. Failure to quickly get back above yesterday's high at 5120ish would open the possibility that a head and shoulders top could form.