Can this Extended Bearish Crab stop the march of RELIANCE ?
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Harmonic Patterns on bigger timeframe charts can be powerful. Reliance is going thru an Upward blast. This pattern has the power to stop this march ONLY if price breaks below 1230 as shown in the shaded PRZ .. The upper level of this PRZ is 1320 ... As you can see since past three days Reliance is not able to close above 1320.
If Reliance breaks 1320 and closes above it , the pattern is nullified
If Reliance breaks 1320 and closes above it , the pattern is nullified
Note
Even though Nifty opened with a strong Gap Up today, Reliance was not able to cross 1320, the high of the PRZ. The Reversal Zone is keeping Reliance engaged with itself :)Note
The PRZ contained Reliance for more than 25 days ! .. Finally broke the PRZ on the upside .. The trade never got triggered
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