Banknifty on Breakdown or Reversal

On Monthly time frame it's forming a marubozu. On monthly timeframe if we take last swing (Oct-23) and mark a fib-retracement, it's show price is in 0.5 & 0.6 area which is a crucial zone also a touchdown to 9 EMA .

Downtrend scenario
If Jan-24, candle close below 44590, it will confirm a Major time reversal and we will be able to see further.

Uptrend scenario
If Jan-24, candle close above 45381, it will confirm, it's a retracement and price will move up from here.