Elliott wave analysis on reliance

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.


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