GU WEEKLY IN A STRONG DOWN MOVE

Weekly made 1,2,3 lower highs and then the current steep move signals strong downward sentiments. 5430 to 5250 was previous support.

GU daily is in a steep decline

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.

4 hour ends in a bearish Engulf

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.

1 Hour made a big pin

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.