The 4 hour right side is up against 12883 low from 12/10/2019. The hourly right side is up while above 12942. While above there expect the index to extend higher toward the 14000-14250 area in the daily wave ((3)) before it corrects the cycle from the 8/15/19 lows.
With over a month gone by in 2019, we look in to the performance of Nifty and Bank Nifty against some of the World's major indices namely
- Dow Jones
- Germany Dax
- China &
...over different time horizons
In the above chart we see Year to date performance of our market which is in the negative (NiftY -0.15% & Bank Nifty -1.12%)
The structure of Bearish Gartley (marked blue) and Bearish AB=CD (marked green) suggests an end of honeymoon period for bulls. With ECB meeting scheduled today and INDEX:DAX trading around 10,750, there can be short opportunity in the range of 10,800-10,950 for the target of 9,300-8,800 with the stop loss of 11,500.