After some historic price movement looks like triangle pattern on longer time frame is complete.
On examining the waves in smaller TF it looks like leading diagonal is in formation indicating start of upward move.
Possible wave count is plotted on the chart.
After completion of B leg of Flat correction it seems reliance has resumed C leg. Two types of entries are possible in this scenario
1) We wait for retracement of wave 1 upto 61.8% levels and after confirmation intiate short position
2)We enter short after close below the end of wave 1
SL in both case will be invalidation point above which we will have to...
EU is in downtrend and now it's in a sideways correction.
I'm looking for 1 more impulse to the downside! and that's too on a bigger time frame and i think this will be a good entry for the downside impulse
Stop loss would be 1.1755