Reliance possible downside (Elliott Wave Analysis)

23 Tem 2018

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.

25 Tem 2018

Not

Reliance : Update : Looks like we are moving down in a complex W.4 correction :

26 Tem 2018

Not

Updated Count : Looks to be progressing down for W.y down :

27 Tem 2018

Not

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 :