After a good rally in RIL, it getting high price rejection from overbought levels. We can 50 % of its upmove as a retracement.
Target should be somewhere 1300. BSE:RELIANCE[/shttps://www.tradingview.com/x/3nb6Zg07/ymbol]
The Weekly chart of EUR/USD has formed a Full Elliot waves Pattern
The Pair after completed (12345) Elliot waves now it is the formation of making corrective waves (ABC)
Short after the correction wave B for the another bearish impulse move on the cards.
In monthly, ew count shows that sub wave C of wave (2) is going on here.
Here are the fractals of wave (2) in daily,
fibo extension of sub wave C. . 1(1251), 1.272(1085) quite possible here.
fibo retracement levels for wave (2). .382(1235),...
The pattern formed in TVS motors suggests that it is undergoing a zig zag correction. Wave A and Wave B of the correction is already over. I am expecting wave C to be either 100%, 138% or 161.8% of wave A. Also it can be noticed that the support line in wave B is broken. The complete pattern assumption becomes invalid, if the high 380 is broken. Let's wait and...
In the daily chard Inforsys is about the complete the wave a of the corrective sequence. It is at the last phase of finishing the fifth wave A in a ending diagonal. One can expect the corrective wave B which can retrace 56% of wave A as shown. In the short term ne can look for long intraday positions. In the medium term one can ride the wave C in the short side.
It is been observed that ABC Zig Zag correction completed and Wave 1 and Wave 2 structured well that shows higher high. Now I observe that Wave 3 is in progress and it shall go upto 261 and retrace back to Wave 4 and then shall again move higher from 261 levels to make Wave 5. It is wise to buy after retracement or near Wave 4 levels.
As per technical pattern...
From Jan 2016 till Aug 2016, the price action is in a correction phase. Now it has formed a Bullish AB=CD Pattern which also represents a zig zag pattern as per the Elliott Waves Principles. This indicates a short term bullish trend reversal with targets as below
Target 1 (0.236) - 432
Target 2 (0.382) - 461
Target 3 (0.618) - 610