Nifty Midcap Select Index - 15 mins

🧩 Pattern Structure: Wolfe Wave (Bearish Formation)
The chart clearly outlines a 5-wave Wolfe structure within a broadening wedge:
Wave 1–2: Sharp corrective fall marking the start of the structure.
Wave 2–3: A strong rally forming the upper resistance trendline.
Wave 3–4: Pullback holding the mid-support region, creating the internal pivot.
Wave 4–5: Final push forming a false breakout above the upper boundary — a classic exhaustion move typical before reversal.
Wave 5 marks the completion of the structure and hints at the beginning of a strong downside impulse toward the “EPA” (Estimated Price at Arrival) line — the projected Wolfe target.

📊 Summary
Parameter Observation
Pattern Type Bearish Wolfe Wave
Completion Point Wave 5 near upper resistance
Breakdown Confirmation Below Wave 4 line (~13,180)
Immediate Targets 13,100 → 12,850 → 12,500
Invalidation Above 13,400
Probability of Downmove ~65–70%
Technical Bias Strong Bearish Setup


🧠 Conclusion
The Nifty Midcap Select Index has likely completed a bearish Wolfe Wave, indicating exhaustion at higher levels.
Once the support line (Wave 4–2) is breached, a sharp impulsive decline toward 12,850–12,500 is probable.
This aligns with a broad market rotation from midcaps to large caps as profit booking accelerates.




Disclaimer:
This analysis is for educational and informational purposes only and should not be construed as financial advice. Market conditions can change rapidly — always manage risk with appropriate stop-loss levels before initiating any trade.