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Reliance Industries

15 Jul 202012:40 PM

Wave v of 3 could have continued till 2078 if v was equal to i. It is possible to mark a 5 wave advance from the may bottom which may then result in some consolidation in Reliance. Immediate support is that 1782 from the 20 day moving average. In the very short-term if this level holds given it is also the minor wave iv low of the last rally, then we may once again attempt to move higher. If the move goes past 1978 the high made today then we are still seeing extensions in the wave count, else we will continue to consolidate in the weeks ahead.

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