Reliance - Corrective Sequence within thrust from 1450 highs

Taking 930 as the bottom of e-wave in the triangle from where multi year thrust was seen. Wave 3 within the thrust looks completed at 261.8% of Wave-1 distance. So, we shall look for correction from 1450 highs.

I shall be searching for support either at 1310-1320 zone or between 1230-1250 zone for next buying. If corrections happens to the zone 1230-1250 where it retraces 50% of wave 2- wave 3 distance can be a good spot for the last upside leg.

The fall looks impulsive from 1449 recent high & any bounce close to 1390-1400 should be taken as selling opportunity.

Trading Strategy
Shall be selling on the bounce close to 1390-1400 zone with 1425 as stops - remember futures are banned so look to buy in the zones 1310-1325 & if dips below 1300 then 1230-1250 zone as next support zone for buying.

Last Update- It was informed that above 1295 -it looks good for buying.

Last Update- we will continue this post once impulsive sequence is done - I am expecting one down leg & final leg upside which should finish the complete structure

Transaction en cours:

13:26 Hrs 11th April2017

Last Price@1377

Falls from 1400 -after opening it bounced in the desired zone & started falling.

Trade fermée manuellement:

18th April2017

Closing this post at 1369 Price