Nifty Mid_Select Index

Hello & welcome to this analysis

From July 2022 to Sep 2024 it appears to have completed an impulse 5 waves up structure forming a Primary Wave 1

From Sep 2024 to Apr 2025 is a corrective ABC wave that has done a 38 Fibonacci retracement.

While it is too early to suggest whether that zigzag fall was a Primary Wave 2 or Wave A of B. The unfolding in the daily time frame suggest the probability of the former and start of a Primary Wave 3.

A weekly close above 13250 would increase the conviction of an impulse wave for probable levels where it could make swing highs along its path at approx 14300, 15000, 18000 & 20000.

Keep in mind where I have plotted Intermediate Wave 3 could also be an expanded Wave B. Therefore, keep an alternate count in hand till it gives more and more confirmation for bullishness.

I am going with the probability of this being a bullish structure as of now

All the best