Here is a short term trade setup for reliance industries.
As shown in the chart above it seems that we have just
completed the a-b-c corrective wave for the 4th wave. Now a wave 5
on the lower side has begun. Elliot wave theory suggests that the stock should
revisit levels of 790-800 on the lower side.
The best possible trade on the stock would be to
short on any 10-12 points bounce back for targets of 800. Since the stock has
already witnessed some fall maintain stop losses according to individual risk
levels.
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