If this index is observed, price has taken support of 23.6% Fib level of pullbacks twice after significant rise since 2020.
Currently price is near the 261.8% Fib Level (15259.65) drawn between Jan 17 '22 top to Jun 20 '22 bottom
So far price couldn't break that resistance. Feb 5th and Apr 8 in weekly chart. Last 4 days in daily chart also isn't convincing. 15444 Pivot R1 needs to be broken.
Nifty Smallcap 250 index showing bear sign
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New Bull run is emerging
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There was 525 days consolidation between Jan 17 '22 and Jun 20 '23 after rising from 23.6% Feb level on Jun 20 '22 bottom. After breaking out Jun 20 '23, price rose till 261.8% Fib Level.
Whereas this time, correction and revival back was short. Just 75 days. V shape recovery. Probably may not exceed 161.8% Fib Level 17K if this breakout is successful