Reliance Gann Levels with Elliott Wave or Demerger News?

elliott wave reliance volume profile Jul 12, 2023
Reliance Gann Levels with Elliott Wave or Demerger News?

Reliance Industries (RIL) following the announcement of the record date for the demerger of Jio Financial Services, the heavyweight Nifty stock rallied up to 4.5% to hit a fresh 52-week high of Rs 2,755, and volumes went up 3.6 times on BSE.

Reliance Gann levels along with Elliott wave and Time cycles is shown in below chart:

Reliance Industries Daily chart:

Reliance Volume profile:


Reliance is following a classic 270 degree Gann angle which we have also discussed during Master of Cycles in much detail.

Above chart shows how accurately this stock is working as per these levels and as soon as 2576 was broken on upside prices rushed to the level of 2783 Gann angle of 270 degree.

The demerger news came much later when prices were already rallying on upside in the form of wave iii.

Elliott wave pattern suggest that Reliance is forming a Flat pattern and currently wave C is ongoing. Within this wave C we are in wave iii. Over short term as prices are hitting Gann hurdle we can expect consolidation but if manages to close above 2820 levels we can expect it to then head towards 2998.

Volume profile is also a classic indicator to see major accumulation by big players which gives precise price action with volume areas. This study of Volume is important for Option Traders as it can give precise levels to buy Call options seeing volume activity.

In a nutshell, as Reliance is hitting the Gann hurdle near 2783 levels now a move above 2820 will open targets for 2998 in form of wave iii as per Elliott wave. On downside 2640 is green volume shaded area with Gap support.

With this technical research Options Traders can form Options Strategies to capitalize on it.

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