The 5 legged impulse to the upside looks almost complete and hence should be followed by a corrective decline which can take Reliance to a minimum of 1080 and possibly even lower levels. Stop Loss above last swing high 1140.
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Reliance : Update : Looks like we are moving down in a complex W.4 correction :
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Updated Count : Looks to be progressing down for W.y down :
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Either the correction is complete already or continuing as a Flat, in either case now the risk is too high to hold shorts, looking to re enter later would be a more ideal :