Niftydirection

Reliance Extended Third Elliot Wave

Long
NSE:RELIANCE   RELIANCE INDS
Reliance continuous run-up with extended(3.618) 3rd wave to end near 1997.
Volumes are dropping suggesting it may not extend beyond 2000 levels.
4th Wave should start from there which could end between 1625-1570 zones.
It has also formed inverse head and shoulders pattern which post breakout target 2333.

All details marked in chart. Stock may not follow exact plotted numbers there could be small variation.

Disclaimer: Trading based on this analysis may not be suitable for all investors/traders.
Consult your financial advisor before trading/investing.
Trade closed: target reached: Reliance made high 1978

Comments

RIL AGM ison 15th July. Upto,that 2000 looks possible. As usual announcements and dividend declaration. After that chances of profit booking and much awaited fall in RIL.
+6 Reply
Great analysis
+1 Reply
@Aryaraghu, thank you 😊
Reply
All uptrend will fall after 15 July
Reply
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