Is Midcap Carnage Is Over Or Large Cap Will Join Bears' Party?

We are in a very interesting scenario where the headline index is hovering around all-time high while the major part of the market is going through a tough bear market. The year begins with euphoria where Midcap and smallcap had become most preferred asset class among investor community and many novice investors or traders came to try their hand as it had become very easy to choose any stock and make 20-50 percent in few days but when it becomes very easy to make money then the market punishes very badly. 
The scenario has completely changed in the last six months where  Midcap and smallcap words seems scary to investors and everyone asking to buy only a few large-cap companies which did well in the last six months.
Is it the sign that Midcap carnage is over or the large cap will join the party of bears?
On the technical front, we are sitting on a very interesting setup where Nifty Midcap 100 is trading at 50% retracement of the rally from 13658 (Dec-16) to 21840 (Jan-18) & Nifty is trading near the previous top of 11172.
Two scenarios can be possible:
1. Midcap and small cap ends its brutal fall and attracts buying from this levels.
2. Nifty starts to fall for a meaningful correction.
In the first scenario, midcap should outperform as valuations are high in a few large caps while in the second scenario it would be a tougher time for investors of midcap and small-cap stocks.
Let see how things will shape up from here.