Good work and appreciate your efforts. Your analysis could be right for a small bounce to the upper side of the downward moving channel. Trade light and protect your capital with your own judgement in placing stops. We all make mistakes. I said earlier trading is about probability and use your own calculations to place your bets on the direction you see.
It takes courage to post your views to the public as you could be wrong or be absolutely right. Keep posting and it will improve your confidence and judgement.
The candle just touched the lower support Chanel as a continuation of bearish movement It is too early to take a long position ,All indicators are pointing towards further fall. SGX nifty already broken and trading below the support line.So I discard this Idea and I advice others to wait for the formation of a trend changing candle.I t is very dangerous to catch the falling knife.