A tragedy, however, tends to follow more specific lines than just 'getting worse'. These lines were set out by one of the Greek Philosophers (maybe Aristotle):
It must feature a tragic hero, who has one Hamartia (I think I'm getting the Greek right), a fatal flaw in his character, be it pride or whatever.
It is this fatal flaw that leads to the Hero's downfall.
At the end, usually after most of the other characters have died, the Hero has an awakening, and he realises that it was his own flaw that has caused all of this to happen.
However, I think you're right that LoTR is tragic, but it is not a tragedy.
Some post-modern tragedys have not followed this form because, well you know post-modernists! I do not think, though, that we can call Tolkein a post-modernist.
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The pain of war cannot exceed the woe of aftermath,
The drums will shake the castle wall, the ring wraiths ride in black, Ride on.
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