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Reliance Industries Update

24 Jul 202001:29 AM

When I wrote that wave 3 if considered 3=1 could mean 2560 it may have sounded out of whack. now we are getting close. The rising channel for wave 3 goes to 2180 as of now as the short term resistance. And we are in wave iii of 5 of 3. So after iii we get iv and v and only then can say maybe wave 3 is complete. And this does not consider that it will sub divide even more and extend toward 2560 anyhow. So till we do not get a clear trend reversal from the higher top bottom formation or the break of the rising channel below 1916 we do not have a trend reversal that is meaningful. And even then wave 2 was not a deep correction. So no reason that wave 4 is large. It would be a long consolidation like a triangle. So all we have right now is an overbought condition in iii of 5. One dip then v of 5 would follow. So the trend remains positive and it continues to support the Nifty.

ril 240720

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