AmPe_stockanalytics

Elliott wave analysis on reliance

NSE:RELIANCE   RELIANCE INDS
After completion of B leg of Flat correction it seems reliance has resumed C leg. Two types of entries are possible in this scenario
1) We wait for retracement of wave 1 upto 61.8% levels and after confirmation intiate short position
2)We enter short after close below the end of wave 1

SL in both case will be invalidation point above which we will have to reassess our wave count.
Expected Target for wave 3 will be 161.8% of wave 1
Counts will be updated as the waves are unfolded untill that possible levels are plotted on the chart.

Trading is a game of probabilities. Always before initiating a trade wait for the position to reach levels and initiate position after entry criterias are met. This is an educational post. Trade on your own risks.

Comments

Yes this is true that reliance is in flat correction but it can be a expanded flat as well .
Reply
@sagarleo18, Yes this possibility cannot be ruled out that is the reason we have SL in place. If invalidation point is breached we will have to reassess the pattern.
Reply
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