BSE FMCG index

Here is a chart of the FMCG index that closed 20196 negative and now this quarter into Sept also negative. The implications of breaking the upward channel are that a long term 5 wave sequence in the sector is complete. It has done so well that it is very easy to convince anyone to invest in the sector, the exact opposite of what the chart suggests. The sector may entire a long consolidation or correction phase and expect continued weakness as asset allocation moves away to other sectors. The downward channel to the wave X top points to a move back down to 8365 on the BSE FMCG index from currently 11099.