Reliance - End of correction at 1250?

Nov 13, 2024

Reliance: CMP 1250

The 5 wave impulse from March 2023 lows at 990 level got ended at 1610 levels and price was falling since then.

Price has achieved the extended target of 1.68% at 1249 and halted. Also retraced the entire move by 50%

Price is also at the confluence zone of previous resistance. If the price action supports, Price should start a fresh impulse from here, with invalidation of 1220 on DCB

Nov 23, 2024

Trade active

SL got saved by 3 points on closing basis and the price was bouncing strong from 1220 levels. Now, it appears that the price is falling in 5 wave down structure..

ABC or 1-5, A pullback is definitely on the cards. Very good reversal candle formed on daily TF

The count remains 5 waves down until and unless we break above 1435

1-2,3 being done, the price is retracing at the moment. 4th wave targets are 1337 and 1376

Nov 30, 2024

Trade closed: target reached

There is a possibility that the CYCLE itself is complete.. It is a wait and watch game now.

Dec 9, 2024

Note

Price gave the bounce to 1330 levels.. Now struggling to go past the trendline breakdown point.. if it starts to fall from here, it will bring the index and other stocks down..