Reliance - The Elephant can Turn Everything
Reliance has been in a impulse since March 2023 from lows of 1979.15 to 2630.95 was size of Wave 1 & it retrace exactly 0.618% in wave 2 as marked in chart.
Wave 3 starting from 2220.30 to 3024.90 was equal to Wave 1 in size or slightly bigger than wave 1 & Wave 4 did retrace exactly 0.382% as shown in chart.
Wave 5 is exactly inverse 1.618 of Wave 4 fall.
This entire Impulsive structure is a good example to study wave structure & understand fibonacci relations between Elliott waves & how a impulsive wave follows a trend channel.
So is the Fall Over ?
Ideally it has pulled back to previous degree Wave 4 which could be a good demand zone & A equals to C has also been achieved but daily positive close is first sign of bottom & we may see at least 3 Waves bounce or a new Impulse starting on upside & this could mean the Elephant could turn the market sentiment positive.
Wave 3 starting from 2220.30 to 3024.90 was equal to Wave 1 in size or slightly bigger than wave 1 & Wave 4 did retrace exactly 0.382% as shown in chart.
Wave 5 is exactly inverse 1.618 of Wave 4 fall.
This entire Impulsive structure is a good example to study wave structure & understand fibonacci relations between Elliott waves & how a impulsive wave follows a trend channel.
So is the Fall Over ?
Ideally it has pulled back to previous degree Wave 4 which could be a good demand zone & A equals to C has also been achieved but daily positive close is first sign of bottom & we may see at least 3 Waves bounce or a new Impulse starting on upside & this could mean the Elephant could turn the market sentiment positive.
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