One of the cardinal rules all interested ones should know about Elliott wave - Wave -4 can never ever overlap Wave-1 & if you are trying to force your counts just for the sake of writing 1-2-3-4-5 & trying to impress others- I will say only one word for them -be careful.
And if you still don't understand, markets will beat you & beat you hard till the time their sticks get broken.
Childhood Memories Do you ever realize why teachers at times beat us because they don't want us to repeat the mistakes- we are students of market & market is our teacher.
What Next? Reliance with key resistance zone 1065-1066, falls in 5th wave which started from 1130. Going below 1025-1030 in the current session of 15th Dec2016 & sustaining down, we shall look for 930-940 zones as expected in previous update.
Related Analysis attached below
Previous update
Trade closed manually
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As counts are wrong so closing it manually- do refer comment below
Comments
sandy
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hello sir i told u reliance ichimoku resistance is coming in the band of 1056-65 ,and it did it tom big down day should happen in reliance may be with gap down as per ichimoku.
tvc1
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Hasn't the cardinal rule been violated with today's high?
WaveTalks
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@tvc1, Correct - I was waiting for someone to write- here you come so what I have shown above numbers is wrong as market proved me wrong-so, you need to change. Cheers.