Timeframe: Daily
NSE Reliance has completed its wave (5) at 3217 and has now entered a corrective phase. The price is currently trading below the 20, 50, 100, and 200 EMAs and has approached the vicinity of wave (4), which could serve as the termination point of the correction.
Upon closer inspection, the correction appears to be a double-three combination, where Wave W equals Wave Y at 2729.4. This level presents an optimal area for a potential price reversal near wave (4). If the price reverses from this cluster, a strong bullish move could follow. However, confirmation of a new cycle will depend on a breakout in the substructure.
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