Nifty Midcap 100

The Nifty Midcap 100 is now getting close to the top end of the channel and where 5=1 and both are near 20300. So it begs the question if wave 5 of the rally from the March low is finally coming to a close. We still have some room to the upside and you need an actual price reversal to confirm but here we are. In this chart, wave 3 is also almost 1.618 times wave 1, so the Fibonacci relationships are text book.