MIDCAP index elliottwave analysis

Midcap index has underperformed for 2 years now, Many midcaps have become small caps.

The chart of midcap index is squeezing.Is it getting ready for big move ?Lets check up.

The above chart suggests WXY correction over and the price is squeezing in range now,

With range squeeze ,The upside momentum can start off  with a close above 18000.

This is quite bullish count lets see how the index behaves if it  closes above 18000.

Below 16400 the count gets negated .

nifty chart

Lets look at the nifty count ,We still have a bull count .

Lets analyse it.

We can see a clear impulse ,After election result the move became bit complex and gave multiple signals. The new high nifty made was in fact the b wave the aka expanded flat pattern .So the potential of fall is still here towards 11600 ,Below which we fill the gap till 11400+-30.

Looking to revisit this count soon as the move matures.

Nifty and bank nifty charts

Friends with election results nearing the stock market activity has increased.

Lets see what chart structure shows.

Nifty 

The nifty from top is still a impulse down possibility on as long as 11560+ is held on upside .The red is bear count and bull is green count .Lets see which way market tilts.

Bank nifty.

The bank nifty the overlap is already seen so here the only count for now is abc. Above  29500+ 

banknifty is quite strong .

Lets see how they behave next week :) 

Nifty chart

Nifty wave structure ,Nifty has been trading in a small range for some time,

Thought the move is fast within the range .

Lets see the wave count.

The green one suggests the bull count and the red one is bear count.

Overall the range can hold for max few days range expansion is coming soon.

As long as 11570-60 holds expect nifty to retest today high .

The bearish red count negated if nifty scales new all time high.