RELIANCE dodged most bulls including me and there were many requests for revised wave count.
Here is my take on this.
Heading for cluster of supports around
support(Red dotted line) or
ABC target of 857 or
possibly near 78.6% near 850 (retracement of previous larger degree wave)
There are two more important technical aspects worth mentioning here.
1. The stock now has "Death Cross", cross over of 50dma below 200dma, and as per conventional technical analysis it renders stock extremely bearish for a longer period and more hiccups on the up moves.
2 The stock has been languishing below golden cross making it susceptible for off loading as soon as it tries to move up. (Though I was of the opinion that it is probably past that stage as it traded above 200dma for considerable time.)
Here is my take on this.
Heading for cluster of supports around
support(Red dotted line) or
ABC target of 857 or
possibly near 78.6% near 850 (retracement of previous larger degree wave)
There are two more important technical aspects worth mentioning here.
1. The stock now has "Death Cross", cross over of 50dma below 200dma, and as per conventional technical analysis it renders stock extremely bearish for a longer period and more hiccups on the up moves.
2 The stock has been languishing below golden cross making it susceptible for off loading as soon as it tries to move up. (Though I was of the opinion that it is probably past that stage as it traded above 200dma for considerable time.)
Weekly chart
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