Debut Idea for Dollar Index
Shown in oval shape was 1st leg of the triangle which topped out at 103.82 Published on 24th April 2016.
Proposed triangle for wave-4 ( currently we are in final leg- expect rise holding above 89.20) & later "collapse" in wave-5 ( proposed ending diagonal)
24th April 2016 (Click the Idea)...
Reliance seems to be in a 4th Wave Elliotwave triangle. An agressive trader could go long now with a SL below the wave e ( red line) . A conservative trader could wait for the blue line above to be broken ( wave d high) and then enter. Thrusts out of triangles are swift and sharp
Stock currently in upward channel and may break. Since Wave 4 in parallel channel usually end between wave 1 and 2.
Long on dip towards 250-30 Stop loss is wide 190
Target of Wave 5 350
Further long term targets based on trend lines 430 and 615
Disclaimer: Calculated and plotted values may differ little with actual stock movement. This investment/trade may not...