Is the Capo a true track geometry bike? It looks to have a fairly high bottom bracket. If it is a track geo, then the rule of thumb that says 'go one size down from your road bike' should mean that 54 could well be correct for someone of 5'9''. However, that saddle height looks pretty high. I'm 6'2'' and I think your saddle may even be higher than mine (this is looking with the naked eye at the proportions of the distance from the top of rear wheel to the saddle). I think for someone of 5'9'' you definitely have your bike set up so that it looks like it's ridden by someone much taller.
Is the Capo a true track geometry bike? It looks to have a fairly high bottom bracket. If it is a track geo, then the rule of thumb that says 'go one size down from your road bike' should mean that 54 could well be correct for someone of 5'9''. However, that saddle height looks pretty high. I'm 6'2'' and I think your saddle may even be higher than mine (this is looking with the naked eye at the proportions of the distance from the top of rear wheel to the saddle). I think for someone of 5'9'' you definitely have your bike set up so that it looks like it's ridden by someone much taller.