Trade Setup – NSE RELIANCE & SHALBY

Timeframe: Daily
After hitting a low of 94.9, NSE SHELBY has initiated a new impulsive cycle on the daily timeframe chart. The current structure is within the sub-cycle of wave 3. The price is supported by the 20, 50, 100, and 200 EMAs, with the EMA band remaining flat. The ADX has decreased to 17.5, while the ATR is at 9.73.

According to the Elliott Wave principle, the price has completed wave (3) at 311.8 and has begun declining in wave c of wave (4). With wave 4 retracing 0.618, and the price not entering the territory of wave (1), the wave count remains valid. The price is now forming sub-wave 2 of wave (5). If the price sustains above the parallel channel, traders can aim for targets of 294 – 325 – 361+. The target measurement is based on Fibonacci & trend extension cluster levels.

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NSE RELIANCE – ABC Formation

After making a low of 2768, the price started rising and entered the parallel channel. The price has just broken out the resistance of 100 EMAs, and the security price is rising towards fast EMAs.

The formation appears complete as the final wave reaches the anticipated orthodox movement. If the price sustains above 2821, traders can aim for targets of 2847 – 2880 – 2925. However, a new low formation could pose challenges for buyers and render the setup invalid. Free subscribers should use the previous day’s low as a stop-loss level.

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