Friday, May 14, 2010

Reliance Industries Limited (RIL): Elliott Wave Update


For now, I am presumming reliance has made a Primary degree top in Apr 2010, and now reliance is on the verge of completing wave 2 top. I have marked the down move from Apr 2010 to 7th may 2010 as impulsive 5 wave down. The 1090 level was 61.8% retracement zone for the entire wave 1 down from 1150 to 976. An action of wave 3 down could pose a target of Rs. 927 then Rs. 823. Following are two charts of Reliance.

Refer chart:

 RIL: Close up count:

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