FXI-SPY says more downside

This is an indicator NFTRH has used all throughout Hope '09 turned Full Hubris '10.  The leader (FXI) has been top posturing for months now and has finally broken down, as noted in NFTRH70 just prior to this week's downside festivities. 

Does this chart look like it has additional downside?  If so, you can bet the global hope rally does as well.