Midcap indices have been all over the place since May. These large gyrations are signs of a market with increasing volatility seen more at the end of a trend. So is the recent bounce back that has today morning retraced 78.6% of the fall in wave A simply a counter trend move, or Wave E of a ending pattern that will see it touche the upper line once again. It is hard to say. The fall may appear impulsive on hourly charts just as it did at the end of May but that might not be enough. All we can say is that these gyrations will eventually give way to an ending pattern in line with the already declining momentum on weekly charts.
| 
