NSE Reliance has successfully completed the sub-wave C of wave (4) and is now in the upward movement of impulsive wave (5). This is evident from the breakout above the 20/50/100/200 EMA band, indicating a strong trend.
During the downward phase, the price did not generate strong bearish candles, suggesting a lack of significant selling pressure. Wave (4) retraced approximately 38.2% of the previous wave (4) and began its ascent in the impulsive formation.
To confirm the impulse wave, it is crucial for the price to break out above wave B. If the price maintains its position above wave B at 2468.3, traders can consider taking positions with the following targets in mind: 2509 – 2548 – 2567+.
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Insightful! Thank you for the analysis
Your wave count is Spot on.
Price gave a solid move, great work!