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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.
Nifty has given a triangle pattern breakout..
As per elliot wave theory its in correction phase of the trend and the downtrend will resume back..
This is just a pullback of the big fall that we saw in Feb2020.
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...
Considering 1st wave at 8840 after sharp correction to 7600,
2nd wave corrected to fib 0.618 level to 8070 ,
3rd wave have raised sharply to 9300,
4th wave correction 0.236 level 8571 and possibility of 0.382 level 8360.
5th wave can be expected to raise 1.618 level of 9500 before correction for wave A.