Possible Wave Counts of RELIANCE : Near to Bottom ?

Reliance Industries Technical Analysis based on Elliott Wave Counts (Possible)

Chart: The analysis is based on a 2-hourly timeframe chart of Reliance Industries (RELIANCE).

Elliott Wave Theory: The analysis utilizes Elliott Wave Theory, which suggests that market prices move in repetitive patterns called waves. These patterns consist of impulsive waves (numbered 1-5) that move in the direction of the main trend and corrective waves (labeled A-B-C) that move against the main trend.

Possible Wave Counts:

Overall Trend: The chart suggests a potential overall uptrend, with the analysis focusing on a smaller degree wave structure within this larger trend.
Impulsive Waves: The chart highlights several impulsive waves (1-5) of varying degrees, indicating periods of strong price movement in the direction of the trend.

Corrective Waves: The chart also identifies corrective waves (A-B-C), representing periods of price consolidation or retracement against the main trend.
Current Wave: The analysis suggests that the price is currently in a corrective wave (2), following an impulsive wave (1).

Potential Target: Based on the wave counts, there is a potential for further upward movement once the current corrective wave completes. However, specific price targets are not provided in this analysis.

Key Levels:

Invalidation Level: A key level to watch is the "Invalidation Level" marked on the chart. If the price breaks below this level, the current wave count may be invalidated, suggesting a different interpretation of the market structure.

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Thanks
RK💕

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