consolidation and correction in BSE Midcap IndexS&p BSE MIDCAP INDEX- time ripe for consolidation aka correction.
An observation of Monthly charts of S&P BSE Midcap index reveals that its ripe for a consolidation cum correction for a periods of 15-18 months from Today i.e May 2022. So reasonable to say time for super cycle growth can start from 2024-2026 for tgt of 38000-50000.
61.8% retracement for the entire rally from 10000 to 27500 comes to 18000 approx. So its most likely we shud consolidate around these levels(18k to 23k) for long before giving breakout.
Assumptions- Rounding bottom will b formed(typical when consolidation takes place) on monthly charts.
Pole has already b been formed by rally of 10k to 28k, so this 18k points added to 28k , makes tgt 56000.
Time frame 2-5 years.
Have conviction in Indias growth story.
Regards
Mayank
