Based on the internal structure of Intermediate 1 of Primary 5,it seems like Primary 5 will make ending diagonal there by taking overall strucutre of 3-3-3-3-3 to complete entire cycle.This is assumed on the basis of price behaviour at lower channel.Generally if wave 5 has ended then price would not consolidate and reverse around lower channel support line and would continue to head south but over here we are seeing prices have reversed after briefly breaching lower channel line,a classic behaviour of price while forming ending diagonal in wave 5.
Currently it seems like intermediate wave 3 will start soon,as we are in minor wave d of triangle forming in intermediate 2 we can expect another push on the down side which will not break lows formed by wave c(2247),hence aggressive traders can start accumalting this stock with a stop-loss of 2250 for target of 2700.
Disclaimer:This are just my views on the stock,no position should be build or exited on its basis,i am posting this just for my future reference.
Sir, when you are predicting NIFTY's fall, how can Reliance go up? It is 10% of NIFTY. Please explain.
UNDERDOG-29
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@sanjaykedia, in my nifty post check the time frame of the chart,also i have mentioned levels below which short trade is active in nifty...over hear i have attached weekly chart of reliance,meaning time frame is longer then the analysis i have posted for nifty...hope i have cleared your doubt