simple NodeJS app to display triggered events on a smart contract

eventListener.js

// This is a simple NodeJS app to display triggered events on a smart contract
// you need your contract ABI and deployed address and also a synced geth running
// github.com/shayanb

var optionsABI = [YOUR_CONTRACT_ABI]
var contractAddress = "0xYOUR_CONTRACT_ADDRESS"



var Web3 = require('web3');

if (typeof web3 !== 'undefined') {
  web3 = new Web3(web3.currentProvider);
} else {
  // set the provider you want from Web3.providers
  web3 = new Web3(new Web3.providers.HttpProvider("http://localhost:8545"));
}

console.log("Eth Node Version: ", web3.version.node);
//console.log("Network: " ,web3.version.network, web3.version.ethereum);
console.log("Connected: ", web3.isConnected(), web3.currentProvider);
console.log("syncing: ", web3.eth.syncing, ", Latest Block: ",web3.eth.blockNumber);
console.log("Accounts[0]: " , web3.eth.accounts[0], ":",web3.eth.getBalance(web3.eth.accounts[0]).toNumber())

OptionsContract = initContract(optionsABI, contractAddress)



function initContract(contractAbi, contractAddress) {
  var MyContract = web3.eth.contract(contractAbi);
  var contractInstance = MyContract.at(contractAddress);
  var event = contractInstance.allEvents()
  console.log("listening for events on ", contractAddress)
  // watch for changes
  event.watch(function(error, result){ //This is where events can trigger changes in UI
    if (!error)
      console.log(result);
  });
  return contractInstance
}

event.watch function is not a function. It is changes in the newer versions. Any update here how to solve this?