Banknifty (Probabilty vs Possibility)

After the formation of strong bearish engulfing pattern in daily chart , the market is taking a pause.

Case 1 -

We can see a inverse head and shoulder pattern formation and an ascending channel formation (in 5 min chart) at its right shoulder. If BNF crosses 29800 and sustains, it could retest 30000 level

Case 2 -

If a breakdown of the ascending channel formation (in 5 min chart) happens, we can expect BNF to come down up to 28950 level as that is the immediate support.

P.S. Please see 5 min chart, since trading view is not allowing me to post in 5 min time frame.