Trend + Fib : Bearish View on Nifty

THe weekly price action of Nifty seems to be respecting the Fib retracement crucial zone between 50%-61.8%. There is a daily supply zone co-inciding with the aforementioned Fib zone. Given that the trend as per pivot analysis on weekly time frame is down, and there is an area of resistance around 17250-17500 due to multiple crucial indicators such as Bollinger mean, 100 sma, fib zone and supply/resistance zone all being bunched up together tightly, I feel prices may fall from this zone. Hence I am bearish on the underlying.