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Mentorship

Reliance Industries

8 Aug 202003:10 PM

A lot of questions on the RIL post so here is an update and clarification. There is wave 1 and 2, and wave 3 subdivides into I-II-III-IV-V, On the weekly chart 3=1 is near 2590 and also V=I is at 2590 appox, On daily charts these numbers can vary as the wave markings are different for wave 3, but 3=1 is still at 2590. So there is a larger wave fractal 12345 and the subdivisions of wave 3 within which each one is related by Fibonacci numbers, this can give you two different numbers at times and both are relevant and should keep up aware of alternate scenarios. So even if short term waves do not point to as far as 2590, the larger fractal does and that means that maybe wave V extends, something many are finding hard to digest. I find people asking me now after the results what is the trigger, what can cause it to go up, the valuation is high enough now etc. Frankly I have no idea as anyone else. The markets discounting mechanism has many aspects and sometimes we do not know what news flow may follow. Prices know something. So the only way is have levels in mind, learn to trail with a reversal level and number so that you can ride it as far as possible, and do not pre-empt a trend reversal early in a strong trend.

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