Image Source: PexelsRELIANCE INDUSTRIES – RELIANCE (1D Chart) Elliott Wave / Technical Analysis: Function: Corrective Lower (Intermediate degree, orange.) 
Mode: Corrective 
Structure: Zigzag 
Position: Minute Wave ((ii)) Grey. 
Details: Minute Wave ((ii)) Grey could be complete around 3050. Minute Wave ((iii)) lower underway against 3220 Invalidation point: 3220Reliance Industries Daily Chart Technical Analysis and potential Elliott Wave Counts: Reliance Industries daily chart suggests a meaningful top is in place at 3220 in July 2024. Minute Wave ((v)) of Minor Wave 5 Grey within Intermediate Wave (5) Orange looks complete, which should produce a much deeper correction going forward. The stock has been progressing higher since March 2023 lows carved around 1980-90 levels, marked as Intermediate Wave (4). The five wave sub division looks complete at 3220 terminating fifth wave at multiple degrees. Furthermore, the stock has resumed lower since 3220 high, carving Minute Waves ((i)) and ((ii)) Navy respectively. If the above bearish structure holds well, the stock should be well poised for a sharp decline with prices staying below 3220 mark.
RELIANCE INDUSTRIES – RELIANCE (4H Chart) Elliott Wave / Technical Analysis: Function: Corrective Lower (Intermediate degree, orange.) 
Mode: Corrective 
Structure: Impulse within larger degree Zigzag 
Position: Minute Wave ((ii)) Grey. 
Details: Minute Wave ((ii)) Grey could be complete around 3050. Minute Wave ((iii)) lower underway against 3220 Invalidation point: 3220Reliance Industries 4H Chart Technical Analysis and potential Elliott Wave Counts: Reliance Industries 4H chart highlights the sub waves after Minor Wave 4 Grey completed around 2720 on June 04, 2024  The stock sub divided into five waves at minute degree before terminating at 3220. It has closed the day at 2998 and remains under pressure. Lower degree Waves ((i)) and ((ii)) look complete around 2870 and 3050 levels respectively. Also note 2850 is near the previous wave (iv) of one lesser degree. If correct, the drop should accelerate from here going forward.Technical Analyst: Harsh JapeeSource: Tradinglounge.comConclusion: Reliance Industries is progressing lower within Minute Wave ((iii)) Navy against 3220. It is worth noticing that the stock closed in the red despite Nifty 50 Index printing an all-time high early during the day.More By This Author:Copper Commodity Elliott Wave Technical Analysis 1
Neo Crypto Price News Today Elliott Wave Technical Analysis 1
“Master Stock Market Trends: Elliott Wave Insights For SP500 & Nasdaq 100”