Reliance Industries is the top heavyweight on Nifty 50, hence both charts (Reliance and Nifty50) mirror one another over time.
This chart compares Reliance Ind vs Nifty 50 and you'd appreciate that the wave count of the higher degree (as well as 1 to 2 degrees lesser) are correlatable.
Although, I have been into the equity markets for a while now (since 2005), this is my first idea on Trading view.
Feel free to post your views. Of course, a word of encouragement is always welcome :)
Happy Investing !!
This chart compares Reliance Ind vs Nifty 50 and you'd appreciate that the wave count of the higher degree (as well as 1 to 2 degrees lesser) are correlatable.
Although, I have been into the equity markets for a while now (since 2005), this is my first idea on Trading view.
Feel free to post your views. Of course, a word of encouragement is always welcome :)
Happy Investing !!
Comment:
The price may or may not reach 1556 (38.2 % retracement), as theoretically Waves 2 and 4 alternate each other. Wave 2 was deep (> 61.8%), so Wave 4 may turn out to be shallow.
I have depicted both retracement levels just from a theoretical perspective.
Note : The view would be invalidated if the price crosses 2000 - 2050 levels with
force
I have depicted both retracement levels just from a theoretical perspective.
Note : The view would be invalidated if the price crosses 2000 - 2050 levels with
force
Trade closed: target reached:
BOOM !! We've not only met, but comfortably surpassed our target (T1), Folks..
Both Reliance Ind and Nifty have behaved like obedient boys :)
Reliance Ind:
T1 = 1864.95
29th Jan low = 1830
Hope you'll have booked your profits, if not yet, pls do so in the next session. You should get enough opportunity on Monday, being Union Budget and bears seem to have a tight grip on the market for now.
As per my previous message on 26th Jan, since we've achieved the 23.6% retracement and this 4th may not be deep, we will close this trade technically.
From here on further updates on the move will be purely educational.
But don't worry, I'll be posting my next idea soon, once I find some time out..
So stay tuned!
Both Reliance Ind and Nifty have behaved like obedient boys :)
Reliance Ind:
T1 = 1864.95
29th Jan low = 1830
Hope you'll have booked your profits, if not yet, pls do so in the next session. You should get enough opportunity on Monday, being Union Budget and bears seem to have a tight grip on the market for now.
As per my previous message on 26th Jan, since we've achieved the 23.6% retracement and this 4th may not be deep, we will close this trade technically.
From here on further updates on the move will be purely educational.
But don't worry, I'll be posting my next idea soon, once I find some time out..
So stay tuned!
Happy Investing !!