Midcap EW Analysis

The hourly chart of the Nifty Midcap 100, shows a 5 wave decline and a 3 wave rise in a-b-c. This a-b-c is called a zig zag because of the upward rise and 5-3-5 structure where waves a and c are 5 waves each. Final confirmation that a 3 wave rise is complete is a break of the low marked as wave b [19155]. When prices go below the point b even by 0.001 it is a violation and means that the 3 wave rise cannot convert to an impulse after that. Next it means from the high of wave c, the bounce we will start another 5 wave decline, either equal in size or extended by Fibonacci ratios 1.618 or 2.618 as the case maybe. 

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