#reliance different TF elliot waves.
Coming to the daily TF
Coming to the 4 hour TF
Conclusion:
If we see the monthly chart and if it's end of wave 5 then there is a lot of fall to come, but predicting nothing we will come to lower tf that is 4 hour time frame chart.
If reliance is in Y of WXY then the fall could be till 1600/1400 around. Before going to so low levels, the first few resistance reliance could face is 1850 and 1700.
1850 most probably is now weak as price as already attempted to break 1850 twice and played for a good amount of time around those levels.
Overall, discarding longer term view till 2300, we could look for selling opportunity. On the upside, we still gained 100/150 points a couple of times from 1850 level. Now, hope we still gain good points downside.
Regards.
Coming to the 4 hour TF
Conclusion:
If we see the monthly chart and if it's end of wave 5 then there is a lot of fall to come, but predicting nothing we will come to lower tf that is 4 hour time frame chart.
If reliance is in Y of WXY then the fall could be till 1600/1400 around. Before going to so low levels, the first few resistance reliance could face is 1850 and 1700.
1850 most probably is now weak as price as already attempted to break 1850 twice and played for a good amount of time around those levels.
Overall, discarding longer term view till 2300, we could look for selling opportunity. On the upside, we still gained 100/150 points a couple of times from 1850 level. Now, hope we still gain good points downside.
Regards.
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