The BSE Healthcare index is in a long term uptrend. Within that, we are in wave 3 up. Note, at this stage, we do not know if this 5 wave up will only be wave 1 of the newfound bull phase in Pharma. Also, we do not know if wave 3 will keep on extending and subdividing. We can only work with certain assumptions and keep changing as it goes along. Right now we are therefore in wave V of 3 on the weekly chart below. The lower end of the channel support is at 19500 and the top end is at 22400.