Reliance Industries is at very important juncture. It is important to see if prices are able to defend the low at 750.
A break below this low will indicate that an important top is in place at 880 which will not be taken out for months to follow. Below chart shows Time Cycles and Elliott wave count on this stock along with crucial support and resistance levels. This excerpt is picked up from “The Financial Waves short term update” research report published daily. To see view on Nifty and other stocks – SBI &Ambuja Cement published along with Reliance in today’s morning report write to us at helpdesk@wavesstrategy.com
Reliance Industries Daily chart:
Reliance Industries 120 mins chart:
Waves Analysis:
Reliance Industries shows a very clear 5 waves up from the lows of 670 levels. Prices are either correcting this up move in a 3 wave structure or is starting the next leg down. For now it is difficult to say whether the current down move is just a correction of preceding up leg or next impulsive wave down. A move below 750 will confirm a bigger down leg has started.
Time cycles are suggesting that an important top might be in place near 880 levels but it is too soon to confirm that as of now. More price action is requiredto adopt this scenario.
However over shorter term, the trend remains down as prices have formed lower high and lower low structure and moving down in corrective channel. As long as 840 is intact on upside we expect this down move to continue towards the support of 790.
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