BSE Healthcare Index - On Second Thoughts

Yesterday's post on the pharma index thinks about if wave 1 is over then what, but the caveat is that the last 2 times we did not break the 20 week MA which now coincides on the daily chart with the neckline of the H&S like pattern. so 20490 is going to be critical. Now if the neckline ends upholding as a support then what do we have? A failed H&S can sometimes be a running triangle and that is the Alternate count here. Wave 4 just ended and wave 5 up is pending. Wave 3 was equal to wave 1 even though visually wave 3 subdivided a lot and might look extended but in % terms, it is almost equal. So will wave 5 extend. Lets just say it is 5=1 then we go to 29600 on this index in wave 5. So this is a valid count and if 20490 does not break this should be the preferred view and fits what we are seeing in some of the pharma stocks as well.