Reliance - In 1050's -Are you ready with your fishing net

AbhishekHSinghCMT Updated   
Fall from the highs of 1097 to 1012 was quite impulsive & was an awesome trade, which was anticipated 7-8 days in advance on 4th Jan2017 in the update- "Excitement to start above or close to 1100"

Now from 1012 it was up down up move finishing set of correction & retraces 50% of the fall 1097 to 1012 in the zone 1054-1055 along with possible double top- which is not confirmed yet & will do so if it moves below 1045 & sustains below that level.

Trading Strategy
We will wait for market confirmation & price rejection in the zone 1050-1055 as the indication that it wants to move down & shall confirm if sustains below 1045.

Safe Traders- can sell below 1020-mini bottom for targets in the zone 915-925 zone.

Be ready with your fishing net could be a big fish -reliance industries- fry it or eat it raw -its your wish but let the fish die.

You would love to read my previous analysis

B- Wave Triangle with key resistance@1145

Wave Power- Magic of Cardinal Rule- Market proved me wrong

Above 1070 for 1085-1090

Excitement to start above or close to 1100- Wow! The excitement started from 1097

Trade closed manually: 11:34 Hrs 20th Feb2017

Last Price@375

We should be careful below 1065 lows in present situation-closing this post as we did not get the move below 1045 as suggested above in the post for us to take sell.
Comment: Sorry - price typing error- "1075"

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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