Reliance - End of correction at 1250?
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Reliance: CMP 1250
The 5 wave impulse from March 2023 lows at 990 level got ended at 1610 levels and price was falling since then.
Price has achieved the extended target of 1.68% at 1249 and halted. Also retraced the entire move by 50%
Price is also at the confluence zone of previous resistance. If the price action supports, Price should start a fresh impulse from here, with invalidation of 1220 on DCB
The 5 wave impulse from March 2023 lows at 990 level got ended at 1610 levels and price was falling since then.
Price has achieved the extended target of 1.68% at 1249 and halted. Also retraced the entire move by 50%
Price is also at the confluence zone of previous resistance. If the price action supports, Price should start a fresh impulse from here, with invalidation of 1220 on DCB
Trade attivo
SL got saved by 3 points on closing basis and the price was bouncing strong from 1220 levels. Now, it appears that the price is falling in 5 wave down structure..
ABC or 1-5, A pullback is definitely on the cards. Very good reversal candle formed on daily TF
The count remains 5 waves down until and unless we break above 1435
1-2,3 being done, the price is retracing at the moment. 4th wave targets are 1337 and 1376
Trade chiuso: obiettivo raggiunto
There is a possibility that the CYCLE itself is complete.. It is a wait and watch game now.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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