Flat Correction labelled as A-B-C structure
Since the final wave of a flat subdivides into fives waves.
In flats, waves A & B are never triangles & rarely flats.
Wave B usually retraces at least 90% of wave A.
There are 3 types of flats: regular, expanded, & running.
The most common type of flat is the expanded flat.
NIFTY MIDCAP 100- Probably this has bottomed out and its trying to move up....
Bounced from 0.618 fib level and now its finding some decent support on 0.5 fib
Plus its breaking the trend line resistance.
If you are interested, better start keeping an eye on these.
Hope this helps.
Nifty Midcap is attempting yet another breakout of a strong channel that acted as resistance multiple times. The recovery here has been weak compared to LargeCaps and hence a breakout may be sold into. What happens thereafter is the key.
If midcaps dont correct muach in the next wave of correction of Nifty, the set up is such that in the next rally, Midcaps...
The MID Cap index took support and bounced back. The level from which the index bounced was very strong inflection point. Two back to back bullish candle with good volumes indicates real interest in the stock. Moreover there is a long term positive signal in RSI and MACD is positive with bullish bias. All these indicate that mid caps may pick up pace in coming weeks.
Case 1 : Bears come back - Midcap index falls further by 25-30% & new high occurs in 18-20 months ( March 2021) thereafter
Case 2: Bulls take charge from here on & index hits / crosses new high in 10-13 months ( Aug-Oct 2020)
Mid cap 100 have made a fast run in the past
making an contracting flat in the middle ( wave 2) and jumped the Guns ,
Now the current drop is very slow and it shows clear indication that it will high likely will make one more drop before making an turn around
I am plotting on the best possible pattern suites to current price move ,
I am looking the end of...