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TradingSutra
Jan 15, 2024 9:24 PM

RELIANCE: Running Triangle Long

RELIANCE INDSNSE

Description

Stock has already concluded a running triangle structure at OCt'23 low of 2220 and is rising in an impulsive manner. The measured target for the same is coming in the region of 3400.

Hence, stock is likely to continue it's uptrend towards 3400 with any weakness holding above the support zone of 2500-2450 in the coming months.

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Comments
armandhull90
Running triangle in Elliott Wave theory is a contracting triangle where wave B moves beyond starting of wave A but wave D should not move beyond wave B and wave E should end within wave A. But your case justifies none of the statement.
TradingSutra
@armandhull90, I haven’t said it is based on EW
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