Reliance went below the 40DEMA but it has made a comeback after touching the daily lower Bollinger band. More importantly, the daily trend indicator MACD has now turned towards bullish, but still crossover is pending in daily MACD, Overall chart structure suggests that wave 5 can be possibly unfold now. As per Elliot waves guidelines and fib levels principle it can touch 2917 levels in fourth coming sessions, On the way down, 40DEMA and the swing low i.e.2523 and 2456 respectively, will be the support levels to watch out for in the near term. All the key levels along with stop loss and targets are mentioned on chart. One can go long at current levels or in dips ( if any ).
Key levels and wave structure macd in daily turned uptick, converging towards positive macd in hourly positive, uptick above zero line
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