AbhishekHSinghCMT

Reliance- 5th Wave May Start Soon Below 1895 (Wave Analysis)

Short
NSE:RELIANCE   RELIANCE INDS
Last Price - 1947 / 17:13 Hrs / 5th Dec2020

Traders Sell Only below 1895 for
Target- 1835 /1750


*Not falling below 1895 will suggest Wave-4 is still on going & will take few more sessions to complete


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Last Selling Done at the Tops of 2095
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Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
https://twitter.com/TalksWave

Comments

weekly candlestick was positive after long time ...its a bear trap ..DONOT SHORT.

there was many attempts made to go below weekly open 1940 but still RIL manage to close above opening price on weekly chart.
+5 Reply
T_Harth craviraman
@craviraman, Yes completely agree with you, there's a Triangle Setup in Reliance everyone knows that. One just has to wait for either Breakout or Breakdown to go Long or Short. No point in forecasting a Bear view since Triangle may Break on any side and Market is just too Bullish right now. We are in an environment where Bears are getting Squeeze and almost every Short Setup is failing. Just like Indigo Short also failed recently which Sir had posted earlier
+2 Reply
Upside target of 2200 to 2250 is still valid, dont short reliance in Dec.

Jan will give u opportunity to short.
+3 Reply
@subhagghosh, I clearly mentioned a level to sell only below "1895"
+1 Reply
Fundamentals read stock is bullish.
+1 Reply
Nice analysis Sir
+1 Reply
thanks sir
+1 Reply
Going by Dow' Theory, the pattern appears to me that Reliance might inch up a little more. Is the bear phase over? Let the market tell us soon.
Reply
Yahh. Most awaiting wave 5..😃
Reply
In my opinion, it is in last leg of wave (c) of bigger wave b of the entire correction pattern A B C in 3-3-5 pattern.
Reply
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