A simple line chart shows that current price is forming a head and shoulders distribution pattern with
pivot points aligned with a trendline resistance. This is in line with current downtrend of past 10-20 weeks.
This head and shoulder is also meaningful because it is printed at 16000 psychological level. Hence it is likely this level is being rejected by market after a span of 5-10 days. It is perhaps a sufficient indication of true market intention for the next phase of movement.
Overall a simple concept of Support turn Resistance is being enacted out here.
It is hard for traders to pinpoint exactly when a trade will start moving. Many a times an entry might be made but the pattern will continue to evolve, causing the trader to be stuck in an inferior position for a while. Creeping negative thoughts may come in and that is when thoughts of exiting may be entertained. This twitter shows how a chance appeared early last week to enter short. However price chart continued to evolve.