Reliance harmonic and elliot wave study
Updated
Reliance spot cmp 2710
Harmonic + Elliot wave study
Time frame :- Daily
Bearish deep crab pattern formation with PRZ in range 2710-2740,,
Alternate 1.618 AB= CD pattern matures around same levels..
From last 5 sessions counter is making high around 2720 levels and not able to close on higher end,
Today counter gave good breakout above the consolidation of last 4 sessions but at last was not able to sustain and got sold off and again closed below 2720 levels, indicates fresh buying is missing around this levels.
Counting from right to left 2 candle is long legged doji where there was indecision between bulls and bears to take the control,,
Today bull took the charge but were unable to handle and landed with long tail on higher side of daily candle..
Elliot wave formation,, at the moment impulse wave 5 of major wave (3) is on verge to mature ,, if major wave (4) unfold form current levels, we may see retracement of 23.6 to 38.2% of recent swing move which may lead prices towards 2560-2480 levels.
Rsi divergence observed between peak of minor wave 3 and peak of wave 5,, where prices are making higher high but RSI fails to make higher high.
Reversal confirmation can be seen one last 5 sessions low is broken and sustained..
Harmonic + Elliot wave study
Time frame :- Daily
Bearish deep crab pattern formation with PRZ in range 2710-2740,,
Alternate 1.618 AB= CD pattern matures around same levels..
From last 5 sessions counter is making high around 2720 levels and not able to close on higher end,
Today counter gave good breakout above the consolidation of last 4 sessions but at last was not able to sustain and got sold off and again closed below 2720 levels, indicates fresh buying is missing around this levels.
Counting from right to left 2 candle is long legged doji where there was indecision between bulls and bears to take the control,,
Today bull took the charge but were unable to handle and landed with long tail on higher side of daily candle..
Elliot wave formation,, at the moment impulse wave 5 of major wave (3) is on verge to mature ,, if major wave (4) unfold form current levels, we may see retracement of 23.6 to 38.2% of recent swing move which may lead prices towards 2560-2480 levels.
Rsi divergence observed between peak of minor wave 3 and peak of wave 5,, where prices are making higher high but RSI fails to make higher high.
Reversal confirmation can be seen one last 5 sessions low is broken and sustained..
Trade active
mean while reliance from 2740 to 2675let the dogs bark
keep focusing and keep learning
Trade active
reliance made high around 2750 and now at 2633100 points done
book profits or now stoploss of recent high
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