On the daily chart divergence in RSI for highs of Dec-2019 and Jan-2020 indicated weakness in the up move within the channel.
Index has broken out of channel in last few days with both daily and weekly RSI now below 50 indicating weakness.
Index expected to continue its move back towards 7700 in next 5-6 months where the HnS pattern would complete.
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Looking at the weekly chart from Feb-2018 it looks like index is in the second half of right shoulder of Head and Shoulder Pattern.
The high of left shoulder around 8450-8460 range has again acted as a resistance during the formation of right shoulder high.
This is also 61.8% retracement of price drop from high of mid-July to low formed in mid-October.
