Last week's update showed negative divergences in various time frames and Market respected them to move down the whole week . Now this leg of downmove may be nearing an end in the short term . We looks at the probability now -
2. Hourly chart :
3. Fibonacci -1 :
4. Fibonacci -2:
The short term Trend is Down . Support may come in at 5190-5220 zone . If so then we may see a retrace up this week . The nature of the bounce will decide whether the downmove has ended or will continue after the bounce .