(( ))- 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...
One of the cardinal rules all interested ones should know about Elliott wave - Wave -4 can never ever overlap Wave-1 & if you are trying to force your counts just for the sake of writing 1-2-3-4-5 & trying to impress others- I will say only one word for them -be careful.
And if you still don't understand, markets will beat you & beat you hard till the time...
Technical Analysis:
EMA 5/20 bullish crossover and EMA 50 lying below the price.
Stochastic on bullish but lying in overbought level and may take some correction.
MACD on bullish and histogram on above the level '0'.
RSI above 50.
Trade:
Buy above - 1042
Target 1 - 1049
Target 2 - 1058
Stop Loss - 1033
Reward Points - 16
Risk Points ...
S-L Short First & Long Later
Reliance is struggling to move up to the desired zone of 1035-1040 as expected in previous updates. Going below the Rectangular Box or leaking below - likely there will be a chance for Reliance to retest the 960-965 zone back again & assuming that will complete corrective B-wave
Trading Strategy
Going below 985 - shall be...
Short @ Market price @ Market Open
Signals are generated using a proprietary indicator developed by me using Tradingview Pine Script. This system works on Daily bars and so entries or exits are at the next market open after getting signal. Key performance metrics generated from TV Backtester are published below (2007 to 2016).
Enter with 1/10 th of your trading...
RELIANCE at important level from here wait for entry if reliance break 1000 and trading above that then buy or if not and breakdown 975 then sl 1000 and short
Reliance could bounce going above the trendline & likely if sustains above 1000. Sustaining Above 1000 -can look for the 1035-1040 zone.
Falling from Triangle Top- Connecting Piece
Triangle formation on Reliance. in this triangle price will break any side, either long or short.
hurdles for Long - EMA 50 acting as resistance and MACD, STO and RSI all showing bearish trend.
Anyway keep until the buy or sell initiate the level.
Trade Idea:
Long
Buy above - 1000
Target 1 - 1006.50
Target 2 - 1012
Target 1 points gain - 6.5
Target 2 points...
(( ))- Circled wave
If Reliance starts moving above 995-1000 zone- it could give the C-wave of yet to complete ((iv))th wave in the zone 1035-1040.
Monthly Triangle for Reliance- The future pathway
Reliance Industries after breaking up trend traded in bearish trend and formed a falling wedge, it has made false break down side but closed within the range. It seems the stock is on the edge and can go either way, if breakout occurs upward it may target of around 1050.00 on the other side it may break further down side to a target of 931.00, Traders may wait and...
1. start of elliott wave at 0 its a second top of chart in very large scale which indicating its bearish in very large scale
2 lower trendline is very strong trendline of its time and tested very well in past . so there is no question its a very strong support level
3 price are on a wedge from long time a month ago it tried to breakout but failed . and trader wam...
Likely, we will expect a bounce which could retrace 38.2% to 50% of ii-iii wave distance & can travel in the zone 1045-1050- which shall be inspected again for bearish future moves.
Trading Strategy
1000 is the key support level - holding that level downside- we will expect a bounce in the zone 1045-1050 & sellers could come into play in that zone- which I...
We have potential Bullish BAT pattern on Reliance. If reversal comes and support of 1000 - 1005 works as a support level then we can have the upside move towards previous channel resistance.
