NOW YOU CAN SEE A CHANNEL IN MONTHLY CHART. BANKNIFTY AT THE RESISTANCE POINT. SELLER WILL BE BACK AT THAT POINT. BUT HEDGE YOUR POSITION IF YOU GO LONG OR SHORT. BUT MY ANALYS SEE THAT MARKET WIIL GO DOWN SIDE FROM THIS POINT.
Channel top is connecting the old tops and not the new tops whereas Channel bottom is connecting to old bottoms and not new bottoms, hence the channel is incorrectly constructed.
Also, due to old tops and old bottoms are connected, the Nov 2020 month is showcasing it has broken the channel top - but it is not the true picture.
If we connect current new tops and current new bottoms, the channel so formed will tell us we have wait for Dec 2020 month to see whether bull run continues or not or it goes sideways.
Also, due to old tops and old bottoms are connected, the Nov 2020 month is showcasing it has broken the channel top - but it is not the true picture.
If we connect current new tops and current new bottoms, the channel so formed will tell us we have wait for Dec 2020 month to see whether bull run continues or not or it goes sideways.