Step 1: Define the problem.
The algorithm compares adjacent elements of the array to check if it is sorted in either ascending or descending order. This requires a single pass through the array.
Step 2: Time complexity analysis.
In the worst case, the algorithm must traverse the entire array of size \( N \), making \( N-1 \) comparisons.
Thus, the time complexity is \( O(N) \), as the number of operations is proportional to \( N \).
Since the algorithm always requires \( N-1 \) comparisons, the lower bound is also \( \Omega(N) \).
Final Answer:
\[
\boxed{\text{both } O(N) \text{ and } \Omega(N)}
\]