AbhishekHSinghCMT
Short

Reliance - Corrective Sequence within thrust from 1450 highs

NSE:RELIANCE   RELIANCE INDS
415 3 8
Taking 930 as the bottom of e-wave in the triangle from where multi year thrust was seen. Wave 3 within the thrust looks completed at 261.8% of Wave-1 distance. So, we shall look for correction from 1450 highs.

I shall be searching for support either at 1310-1320 zone or between 1230-1250 zone for next buying. If corrections happens to the zone 1230-1250 where it retraces 50% of wave 2- wave 3 distance can be a good spot for the last upside leg.

The fall looks impulsive from 1449 recent high & any bounce close to 1390-1400 should be taken as selling opportunity.

Trading Strategy
Shall be selling on the bounce close to 1390-1400 zone with 1425 as stops - remember futures are banned so look to buy in the zones 1310-1325 & if dips below 1300 then 1230-1250 zone as next support zone for buying.

Last Update- It was informed that above 1295 -it looks good for buying.

Last Update- we will continue this post once impulsive sequence is done - I am expecting one down leg & final leg upside which should finish the complete structure
Trade active: 13:26 Hrs 11th April2017

Last Price@1377

Falls from 1400 -after opening it bounced in the desired zone & started falling.

snapshot
Trade closed manually: 18th April2017

Closing this post at 1369 Price
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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@AbhishekHSinghCMT : just wondering if you re looked at the counts -- the current correction looks to be a running flat. wave 3.4 .. your views? I am new to elliot wave and still learning how to label and how to trade impulses and waves !
Reply
Hi ,
Are futures banned ?
I think RIL company is banned from markets for 1 yr .

My view :
I would be looking to buy in 1320-1325 zone (That would be dream price ),
I doubt it wont fall more than 15-20 bucks from todays close( Market won't give that easy 1320 opportunity , Target would be new high (on closing basis )
+1 Reply
@neneram, Sebi did not ban them from trading in FNO segment because of fraudulent trades in Reliance Petroleum in 2007 case.
Reply
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