BSE Healthcare Index

To give you a sense of how bearish the mindset is. The pharma sector falls for one day in a big candle and I get emails asking me if the top is in. This after the index has ended a 4 year bear market and broken out of the 4 year channel. The wave marking is that we are in wave 4 of 3 on this chart. The fall helped complete wave 4 mostly so the next move in 5 of 3 up should start anytime. Now what you should not expect is that a rally like wave 1 in which pharma stocks moved up 50% in a month repeats. That will not happen again. But a slow and steady advance is what you should expect. 38.2% retracement done in wave 4 [or IV] Mark it either way for clarity.