Don't Miss This Stock: Reliance's Bright Future- Elliott Wave

8 juin

Disclaimer:

Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.

WaveTalks - Market Whispers: Can you hear them?

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Stock Overview:
Since January 1996, Reliance stock started an impulsive rise from ₹12.95, unfolding a series of 1-2, 1-2 waves. Currently, Primary Wave ③ (blue) is in progress and has a long way to go. This wave is subdivided into green bracket waves (1), (2), (3), and (4), with wave (4) forming a triangle. Now, we are in bracket wave (5) (green).


Current Wave Structure:
Wave (5) (green) is subdividing into Yellow waves:

Yellow Wave 1 completed at 3024.90
Yellow Wave 2 (one leg could be completed or complete wave 2 could be ended at ₹2718 on June 4th, post-election results)

Upcoming Targets:
Wave 2 completion is confirmed once Reliance surpasses ₹3050. Targets are:
₹3500
₹4025 (162% of Yellow Wave 1, which peaked at ₹3024.90)

Why Add Reliance to Your Portfolio:

Stock bounced sharp upside from 2718 lows = 200 DEMA (White line)
Potential to hit new highs.
Expected to reach ₹4000 and later ₹5000 in the coming months and years.

Conclusion:
Reliance shows strong upward potential. Including this stock in your portfolio could yield significant returns. Let’s review the progress in a few months. Have a great Sunday!


Visual Summary of Waves:

1. Primary Wave ③(blue) unfolding
2. Bracket wave (5) (green) in progress
3. Yellow Wave 1 completed at 3024.90 highs
4. Yellow Wave 2 completed at ₹2718 ( alternate -only one part in wave 2 completed at lows of 2718 & wave 2 can be confirm complete once it crosses above 3050 highs)


Key Levels:

Break above ₹3050 confirms next targets
Targets: ₹3500, ₹4025, ₹5000

Plan accordingly and stay tuned for updates.


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From WaveTalks
Abhishek