RELIANCE chart studyReliance spot cmp 2497
Elliot wave study
60 Mins time frame.
Counter is on verge to mature its impulse phase, currently counter is in 5 th wave,
ending diagonal formation in wave 5 and final leg of ending diagonal can mature any time, one reversal confirmation from price action would give first indication of reversal in trend,
Once reversal is confirmed , corrective phase might unfold which would lead counter to much lower levels,
Bearish divergence on RSI and MACD with respect to price, indicate weakness in trend ahead.
Levels of 2495-2520 would act as strong resistance.
Counter need to cool off to resolve divergence of indicator and also to adjust the wave of elliott.
Bulls time to be cautious at current price , wait for good retracement to re enter in this counter.
Keep watch.
