midcap index chart

Midcap index saw a good bounce today ,In my last post

had mentioned about support at 16000 levels .

Midcap index chart ,Lets see the present situation.

The index made a low near 16044 and today closed at 16470+ .The wave count suggests

3rd wave finished at 16044 and probably 4th up wave is on ,This count gets negated if 

17220 is taken out on upside .Lets see how the index behaves in coming days.