We have some time, we need veteran units, so we need more raxes. I would switch at both Bangelore and Madras to raxes.
When writing comes in, trade it, prefrably for at least one of HB and IW, both if posiible. Without either of these, our chances are bad.
And we need allies.
Thinktank, do you mean by switching both Bangalore and Madras to barracks that you want to give the Statue of Zeus a pass? It would surprise me if we had a monopoly on the Ivory. We can see 4 Elephants, but there are probably more on the map.
If we didn't have Ivory it would be a no brainer to go for more barracks and more veteran units now, but with the Ivory almost hooked up I think it's a difficult choice concerning the Statue of Zeus.
We might have some time; Germany doesn't seem very close. Berlin is building the Oracle, so is not producing units. The units that'll come to us probably will take a while, as they need to cross a big expanse of jungle by the looks of it.
Portugal is quite weak, and are building the Pyramids in Lisbon. Portugal only got bought into this war by Germany. Seeing how weak they are on the powergraph, they might not send any units at all.
At least Bombay is now producing an Archer in 3 turns. I'm in favour of doing a couple of Spearmen as well. It's a bit silly to put an Archer on the mountain next to Bangalore when you can have a Spearman there. I'm a fan of Spearmen actually, for incase you get Archers escorted by Spearmen approaching.
How would other players balance between immediate defense and the Statue of Zeus?
Trading for Horseback Riding or Iron Working is Ok of course, but don't forget to mention Mathematics. I don't think we'll get that one, it's researched later by the AI, but Catapults can be very useful in defense.
It looks like Anaxagoras has at least an interesting turnset coming up.