Reliance Industries

Lots of interest in Reliance stock naturally. So here is an update and on an hourly chart. On daily charts the daily momentum is now below zero. So we are trying to figure out when it picks up again. I think yesterdays bump up was minor wave i of a possible new move and wave ii down occurred. The support is at 2104. 2088 is the 61.8% retracement mark of wave i. At a larger degree this measn that the low of 2047 should not break. The consolidation seen recently completes a larger degree wave 2 or 4. Now since the rally from May was shorter than the first rally I have kept it open to interpretation. In either case it means that one more 5 wave move up is needed to complete a larger move up. A breakout above 2190 is needed for a further confirmation of a larger move up. The level is the trendline of the last two highs on top.

Now lts look at the daily chart to get more perspective. On a conservative basis I will mark the move as 1-2-3-4 where 3<1, so the 5th will be truncated. So if the 5th wave is 38.2% of 1-3 then we get a level near 2670. This would also put us closer to the top end of a rising channel.