AbhishekHSinghCMT
Long

Reliance 2016 Diary- Can Overshoot to 1100+ Holding 1145 Intact

NSE:RELIANCE   RELIANCE INDS
159 2 3
From 1130 highs - It had a good fall, making a low@930 & forming a double bottom in the zone 925-930.

Going Ahead - break of the zone 925-930 shall push prices down for the year 2017.

Key Level is 1145- It should not cross 1130 which is the key level & 1145 is the critical level. Going beyond 1145 shall invalidate larger count & it could be something else.

Trading Strategy
In current scenario- prices can overshoot 1100+ zone keeping above levels intact if at all, it is looking for a down move in the future-upside can activate on move above 1085 recent high.

This is how we moved so far in 2016

In all the charts- one can click the chart & use load bar feature

Monthly B-Wave Triangle- Spotted at 1077


Bang on for the start-enjoy@1001


Bounce in the zone 1045-1050 with very important support@1000-which broke


Awesome Push from 980's to 1040-1050+ Zone


Trading Incomplete B-wave till 965 below 985- It did not break below 985- infact what a break upside


Important Elliottwave Lesson- Count has to be changed with Alternate count


Move above 1070 to 1085-1090--- 1085 Kissed in the last week



Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Your objective study fascinated me....
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