AbhishekHSinghCMT

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

Long
NSE:RELIANCE   RELIANCE INDS
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
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

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