Reliance Short Trade

20. Nov. 2019

Reliance is moving in an ascending channel and as expected it has broken the upper boundary of the channel to create the 5th Point of the Wolfe Wave. Many a times, we see Harmonics pattern form inside the Channel. And here a Bearish Deep Crab pattern has completed it's structure of XABCD. It is also observed that the Trend is very steep, it got broken and a retest is happening, which essentially triggers end of Up Trend.
If Wolfe is true, then target will be 6th Point around 1000. Harmonics target is around 1387.80 and 1272.05.
If the Shooting Star Candlestick pattern which formed in today's daily chart converts tomorrow into an Abandoned Baby Top or Evening Star Pattern, then definitely a Trend change can be expected.
Caution the nearest Demand Zones can break, if Down Trend starts. So buying at this areas will not be a good idea. This demand zones will either completely break or might give small reactions.
Price Action Traders have enough price action evident on the chart to take a short trade.
The Stop-Loss for this trade could be around 1619.05.
This analysis is for Short Term traders...

Disclaimer: This is not a Trade Recommendation. This is my analysis based on Technical Analysis parameters Like Trap Trading Concepts, Price Action Concepts, Harmonics, Advanced Candlesticks, Conventional Patterns, Demand and Supply, etc.

1. Feb. 2020

Trade ist aktiv

First Target of 1387.80 has been Achieved today... Now waiting for next Target. This is ideal place to book profits and carry on with the rest

6. März 2020

Trade geschlossen: Ziel wurde erreicht

Second Target achieved 1272.05.

9. März 2020

Anmerkung

Awesome it has come to test the 6th point of Wolfe, as discussed above.

17. März 2020

Anmerkung

And It achieved it's Wolfe target....Awesome...