sachinjain19
Long

Reliance Ind.. is the irregular correction over?

BSE:RELIANCE   RELIANCE INDUSTRIES LTD
ril
66 3 1
ril
4.c. has done a very close 1.618 time wave A and the big candle ( Although not a huge volume ) may signal a reversal to complete the 5th wave of the up move?

Disclaimer: I am new to EWT             but found it really helpful to invest in stocks..

The target for wave 5 is somewhere in the range of 1550-1600 ..

Please do share your view..

Comment: still active.. buy the dip.. and sleep ! SL a tick below last low.. that will negate the entire count. and this upmove could just be corrective .
Comment: ready for the upmove? A big bullish candle tells me so. a more conservative trader can go long above a closing of 1350.. aggressive trades can be made now .. if not already long !
Comment: I meant a close above 1345.
so finally we are at almost 1500. .looking at the patterns that emerged.. looks like 5.1 , 5.2. and 5.3 are over.. and we are going to get a confusing plus a dragging move on this for a couple of days.. before launching for the final touch of 1550-1600.. !! have covered almost 75% of my longs created in june around 1350 ( average cost ) .. Always take profits off the table.

Thank you elliot Wave !
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sachinjain19 sachinjain19
Heheh.. one of the best trades of my career .. !! thank you Elliot wave ! 5.5. is in extension and can do anything. but if it changes direction.. it will be swift and will do to the beginning of the wave . i.e. 1380 or so.. ! So a good idea is to have af few puts here
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trade half closed.. caught the wave 3 almost perfectly !! but looking at the wave structure.. needs to quickly do a wave 5 else all this will just be Wave B of a larger degree correction !
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