Reliance Industries

If you are confused about RIL, here is one answer. The triangle at the bottom is out, but we are near a double bottom near 1840, and the most recent fall from the high marked as wave B is impulsive [5 waves down on hourly]. Another reason why it cannot be a triangle. So the next option is to consider this complex correction W-X-Y, where the first correction is a zig-zag and the second correction is a Flat. Both connected by an X wave. So what I am saying here is that Reliance could form a double bottom at 1840 and start wave 3 circle higher at a larger degree. Watch out for bullish momentum indicators and a move above the 20dma at 1950 on a closing basis as further confirmation of this.