After continuous 3 downside impulsive waves now the
RELIANCE
chart has made a Wolfe's Wave with a beautiful breakdown of bottom line.
Furthermore, according to Price Action,
RELIANCE
has form a good reversal pattern by making a HIGHER LOW and gave a good closing near previous SWING HIGH. And if the STOCK now moves above its previous HIGH then it will enter into the channel again and according to Wolfe's Wave the Target for the Stock will be the upper Incline Line.
But there is a very very important level which can show a resistance to the STOCK which I have market in CHART with RED COLOUR.
RELIANCE
chart has made a Wolfe's Wave with a beautiful breakdown of bottom line. Furthermore, according to Price Action,
RELIANCE
has form a good reversal pattern by making a HIGHER LOW and gave a good closing near previous SWING HIGH. And if the STOCK now moves above its previous HIGH then it will enter into the channel again and according to Wolfe's Wave the Target for the Stock will be the upper Incline Line. But there is a very very important level which can show a resistance to the STOCK which I have market in CHART with RED COLOUR.
Comment:
Yup! reliance is moving up. but facing little bit resistance near decline trend line.
Comment:
Also, Reliance has given a close above it's previous SWING HIGH, for which we are looking for.
Comment:
AS MENTIONED. Reliance has already been entered into the zone.