Tried to interpret Elliot wave theory on Fibonacci by using impulse wave and motives over cycle and super cycle .
Fibonacci Ratio Relationship
• Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1
• Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2
• Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 but no more than 50%
• There are three different ways to measure wave...
Reliance can be bought at CMP with price target of 2100 and 2180 with stop loss of 1940 .Another way to trade with paired option by taking long in 2100 call option and short in 2200 call option .The maximum loss should be 3800 and max profit is 21000.
Breakeven point is 2116.
ABCD pattern completed for Microsift and high risk trader can go for long posiiton with stop loss of 130 for target of 158 .This stock is also in my shopping list and if it broke level of 130 then definity will buy between 90 to 100 for long term .This stock is one of the highest reserve cash.