Reliance Industries

In my last post I discussed the potential for reliance industries to form a triangle which meant that wave EE could come close to the lower line near 1867. After today's move up it may look like various truncated but we should look for a little more confirmation with price move and closing above the 20 DMA at 1964. Once that happens we may feel more certain that wave E is complete and we can start rally that may test multiple retracement levels on the upside. Initially, it has to break out of the triangle above 2000. After that the 38.2% retracement is at 2050, 50% is at 2115 and 61.8% is at 2180.