Reliance- Will it start moving down to 930-940 zone?(( ))- circled wave
Corrective Wave, which started from 930 lows has fulfilled the minimum criteria of kissing the zone of 1035-1040 as expected in previous updates by making a close recent high@1032- where it travels 61.8% of ((ii))-((III)) wave distance & could be a double top which is not confirmed yet.
Trading strategy
It should hold below 1030 to give us confidence that a down leg has started for the 930-940 zone-likely trading in the range of 1020-1025. So, In coming session we need weakness in the stock & if that turns out correct, then we will likely plan to take selling opportunity on the bounce back & keeping a tight stop loss of 1033 & above.
Risk/Reward- 8.25 - Gain of 90 points & Stop of 11 points.
Related Analysis Attached Below
