Weekly made 1,2,3 lower highs and then the current steep move signals strong downward sentiments. 5430 to 5250 was previous support.
On daily chart the last Fib retracement was deep up to 61.8% .Throughout last week the daily bars never made an attempt to show any upward movements.Consecutive 5 bars in red indicating the depth of the downward movement.
At 5430 levels 4 hour chart made a tiny pin bar indicating a small support ( marked as no 1 ) . However it ended up in a successful retest at 5500 levels resulting in a bearish engulf bar ( Marked as no 2 ).This means we are looking for more downmove.We look for longs only once it breaks the high of this Bearish engulf bar.
For hourly chart traders ,there was a big pin at 5430 (Marked as No 1 ) The shooting star Marked as No 2) indicates that there is stiff resistance at 5500 and the major even next week will be breaking the low of the Pin bar ( Marked as No 3 ) which is likely to take the price to 5250 levels.