Midcap Index approaching danger neckline

There is a Head and shoulder setup on Cnxmidcap weekly chart.
The neckline is forming around 16000 - 16300 zone. It should not breach that level and give weekly close below than that.
Otherwise it will open up 2000 points downward space.
Ofcourse Midcap index is not trade-able directly. However many people are routing their money through SIPs in many Midcap funds.