Reliance Industries

Reliance Elliottwave Count CMP 929

In what surely must rank as one of the most frustrating stocks for buy and hold investors from 2008 to 2017, reliance went sideways in a bullish triangle for 7+ years before the expected thrust.  Even the thrust started innocuously enough with a leading diagonal as wave 1 (which made the sideways movement seem more like 9 years instead of 7), followed by a sharp wave 3 to the upside.  (Prices are adjusted for bonuses and splits).

Reliance Elliottwave Count

Reliance Elliottwave Monthly Chart

After completion of the triangle at 398 (wave E of 4) in March 2015, the real move began in the 3rd wave at 466 in Nov 2016 (price of 932 before the recent 1:1 bonus).

Reliance Elliottwave

Reliance Elliottwave Weekly chart

It is our view that wave 3 (of 5) completed at 872.1 in Sept 2017, and price is currently in a 4th wave triangle which should play out for the next 2-3 months by testing the 872 level a couple times before this triangle also ends by thrusting upwards in what would then be a fifth of a fifth wave on larger degree to the 1000 – 1100 level.

The recent high at 958.20 appears to be a B wave of the minor 4th wave triangle, and not the orthodox top of wave 3 which is 872.10 in our view.  See below.

Reliance Elliottwave

Reliance Elliottwave Daily

Posted in Reliance, Reliance Elliottwave, Reliance wave count, Triangle.