Nifty Midcap Index CMP around 20450 levels. Elliot wave Study :- Whole structure is in form of rising channel pattern, at the moment index is around resistance line of rising channel pattern. As per % terms if observed wave 1 = wave 5 (both the waves are of 27% ) Wave 3 is of approx 1.618% extension of wave 1 and wave 5. As per theory when wave 3 is extended...
CNXMIDCAP (MONTHLY):- MIDCAPS INDEX BREAKOUT DONE IN MONTHLY TF & TARGET 26K WITH SL OF 16K WCB #Disclaimer:-I just shared view for only educational purpose.
Updated counts on Nifty Midcap 100
The odds of Wave 5 being truncated have increased greatly.
It seems Wave 4 correction is over and soon we may see strong rally in Wave 5
Midcap sector is due for some correction -- upcoming 2 weeks should be closely observed. Aggressive longs should be avoided now. We may see profit bookings.
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. NSE:CNXMIDCAP
NIFTY MIDCAP idex is at important support zones in its life long chart. trendline supports in red and support zones in blue are marked... be cautious..
Will the bigger up wave start from here ? And proceed to its all time highs ?
It is wise to focus on quality midcap stocks , than the broader index. The Thursday correction has not impacted this index much, strong uptrend is intact.
Levels are mentioned in the charts
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. Cheers!!!