The overall structure is clearly bearish, with price forming consistent lower highs and lower lows, confirming a strong downtrend on the higher timeframe.
Recently, price attempted a recovery but failed to break above the 215 resistance zone, leading to a sharp rejection. This indicates that sellers are still firmly in control and using rallies as opportunities to sell.
The current move shows a breakdown from consolidation, which often signals continuation to the downside rather than reversal.
Key bearish signals:
Strong downtrend structure (LH + LL)
Rejection from major resistance (around 215)
Weak bounce with no follow-through
Breakdown below short-term support (~160)
Expected scenario:
Continued downside below 160
Move toward 140 support
Extended drop targeting the 90–100 demand zone
Invalidation:
A strong breakout and sustained close above 215 would invalidate the bearish bias and suggest a trend reversal.