Bank Nifty EOD Jan 19 Update

Bank Nifty moved in small range today! It started showing weakness. Low made today was 19045 and High was 19183. It closed at 19124, down 30 points from yesterday's close.

Today Bank Nifty broke Middle BB on hourly chart that was providing strong support for Up move started from Jan 5. Also RSI level 59 is broken today that was acting strong support for Up move. It also broke lower line of Blue channel along which it was moving in sideways move from Jan 12. So possibility of down move is now high.

Possibility of wave (C) terminating in ED is looking quite high.

Tomorrow Index may open Gap Up to complete wave c of wave (v) of ED. If Index opens Gap Up and start falling sharply then it may quickly reach to 18800(assuming ED, it started at 18782) where even lower line of Brown channel is placed.

The Bank Nifty retraced 61.8 % of down move from 20309 to 17606.

So everything is pointing towards correction/reversal of Up move started from 17606.

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DAX analysis for a client

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