TangoTrader22
Long

Pharma Index at long term support

NSE:CNXPHARMA   NIFTY PHARMA
CNXpharma has possibly bottomed out at 8315; atleast for the medium term

1. Completion of ABC correction (A=C)
2. Recent low at 8315 sits rights above a major consolidation zone
3. Recent Low also falls along a trendline support
4. RSI divergence on weekly and daily charts

A full EW count is not possible since the index is barely 4 years old and its constituents are much older.

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