Sure. Please find the Elliot wave analysis of Reliance in the short term
Currently it looks like have completed 5 wave down move in impulsive manner. It has various scenarios at present. let me present one by one and as time goes by we can eliminate one by one.
1. Currently it looks like 5 waves completed and the pull back is in the form of blue ABC. This Blue ABC needs to do some more correction if 5 waves had already completed. So what we have blue ABC is part of wave A of flat correction and flat B is going on and B needs to be a zigzag and in that zigzag wave A looks to have completed or about to get completed. Once the wave B of flat is completed then wave C will move upwards crossing the high of blue wave C
2. Assuming 5th wave of downward impulsive is not yet completed and wave 4 is still going on as triangle. Here what we have as red wave 5 will be wave B of triangle and wave C of triangle is blue ABC and wave D of triangle is going on. In that wave A is completed and we will have wave B and as in red counts
3.Assuming 5 wave moves are completed and pull back ABC correction is going on and wave A might take the form of LD, because only in LD waves can be zigzag and overlapping as in blue ABC considering it as wave 1 of wave A and wave 2 zigzag is going on. In that wave A looks to have completed or about to be completed so after that we have B and C and then upmoves above blue wave C and then again overlapping waves and make the pattern as LD- leading diagonal.
4. Worst case scenario. Suppose ABC pull back is also completed in the form of blue ABC and current red wave A is considered to be subwave i of next set of impulsive down and red B will become wave ii and then red wave C will become iii sharp fall.
Conclusion: There is a common essence among all the above 4 scenarios. That fall of red wave C. all 4 scenarios points the same direction of trend. we need to catch that wave red wave C, if it becomes worst case scenario, we could enjoy the fall, if it becomes any of the rest of the scenarios we can still make the money and be prepared for the next movement
I am biased towards case 1. rest is on Market's hands.Cheers
I would like to include
@nitingosavi @niftyoption in this post. It might help them as well.
Dear
@nitingosavi and
@niftyoption , Our ultimate aim is not about being correct on our wave counts or not. Its about being right on the direction of movement and be ready to ride the direction.
@john302928 Bhai, zara Reliance ke baare mein bhi kuch accha/bura bol dena
translates to "Bro, say some good/bad things about Reliance too".
What does EW say about Reliance for the very short term i.e trading perspective?