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From the lows of 1347- looks like an impulsive sequence done from 1450 highs & finishes Wave-A. Got a pattern from lows@1347
Shall be looking for which comes in the zone 1400 & minimum distance it should retrace is 1385 where it completes 38.2% of the fall from 1450 to 1347.
Once retracement done- we use the bounce to sell again & looking lower targets downside.
What is Pattern
A is a pattern that consists of three candles. The first bar is a large red located within a defined downtrend, the second bar is a small-bodied candle (either red or white) that closes below the first red bar, and the last bar is a large white candle that opens above the middle candle and closes near the center of the first bar's body.
Reliance moves up from the morning star bullish pattern support - giving big green candle for the day.
Retraced 61.8% of the fall from 1450 to 1347 at 1410-1415 current high zone today. We shall be careful here to exit long positions or book partial profits.
Started Falling from 1410 as expected above. Closing the post.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Hi Abhishek - it happened today, the fall below 1347. How will the waves be counted now?