It is in correction after completed ending diagonal and break down below the up trending channel. So it is expected to form ABC correction with invalidation level below 7823. If the current bounce of B wave will be sideways choppy, then there is a possibility of next C wave will go down further.
Midcap index fall 8 % from 5th august till now. parallel channel formation from 5th of august. Trend line support near 7000.
if support taken, will take long position GRANULES and CAPLIN POINT
Any suggestions please comment
Since Feb 2016 low in the midcap@2633--It has moved to current highs @3640... Midcap could be running into 5th (let say red wave -not shown or counted) within v-th blue wave-shown as question mark...which is within 5th Yellow Wave...so effectively we are into nested structure...5th red wave...within v-th blue wave...within 5th -Yellow Wave....& Seriously lot of...