On 4 hours chart the structure looks bearish. We have moved down in 5 Waves which could be Wave 1 or A and now it is trading sideways and forming a potential Triangle pattern which could be Wave 2 or B. So the next impulse on the downside can offer a trading opportunity which could be either Wave 3 or C.
Weekly chart of Britannia shows Double Bottom Reversal Pattern. This is one of the most reliable reversal chart patterns. Pivot is around 3798 and the stock has closed around this break out zone. The stock is expected to trade with positive bias and may challenge its previous high.
On a daily time frame the stocks is quite extended from its 20 EMA. So gradually...
On 75 mins chart it looks we have completed an impulse. And now it seems the stock is going for Wave c of the corrective pattern. Usually Wave C extends 100 to 168%. Similarly the bounce after five waves down as per guidelines terminates around previous Wave 4. So Bharti may move towards 545-550 as per this thesis. Stop loss is the low of Triangle Pattern.
It seems that after Impulse down we are now in a corrective phase which is unfolding as Zigzag. We have completed Waves A & B so far and Wave B retracement is around 0.618. So now we might be going for Wave C which can extends 100% of Wave A. This gives a logical target around 540-545 levels.
The rally from 1830 to 2231.9 looks like a Leading Diagonal which could be Wave 1 or A and the recent correction could be Wave 2 or B. The correction is around 0.618 level and the price is penetrating around 0.618 level. So what I think is that if Reliance starts moving higher from here the next impulse could be very strong.
This is just a rough idea at this...
So this is how the labelling is done on a daily chart of Bank Nifty Future. As you can see what I believe is that the recent correction is Flat in Wave 4 and so far we have completed Wave 3 and now we might be going for 5th wave rally.
Wave 4 retraced around 0.236 and within this Wave 4 sub-wave b retraced more than 0.786 whereas sub-wave c extended exactly...
As per this bullish counts it seems that we might have completed Wave 4 correction. If we go to lower degree and analyze the corrective pattern in Wave 4 in details it gives a confidence that Wave 4 correction is over and now we are going for the 5th Wave.
The current structure looks impulsive move and it seems we are now going for sub-wave 5 for wave 3 of a daily. Within Wave 3 sub-waves 1 and 3 are of equal length so we can expect the extension of sub-wave 5