RNRL - Symmetrical Triangle Failure

Well, who am I to battle the management and they can do some real dodgy stuff. Like have board meetings on Sunday and come up with such adverse decisions that can shave off 30 percent of a stock's value in a day.

RNRL shareholders would get 1 Reliance Power share for every 4 shares held, thus valuing the share at Rs 43. So RNRL falls and the symmetrical triangle fails. Wave 4 also penetrates Wave 1 negating any impulsive intention of RNRL. So, what was looking at as Wave 1 has now become a corrective, and the expectation is that RNRL would move in a consolidated B ranging between 51 and 45.

RNRL - Symmetrical Triangle Break False or Real?

I am asking myself this question. Symmetrical triangles take a long time to complete and are replete with false breakouts. Friday was a late selloff in RNRL, with rumors about a 4 for 1 merger with RPL, causing the stock to close at Rs 63. As this is being posted, a meeting of both boards is in progress to consider the merger and decide the ratio.

So, will it be that Monday this fall would a proven false breakout or would it be a failure of a bullish symmetrical triangle. I have seldom seen stocks fail in their 4th waves. It is usually in the 3rd wave of the 5ths that stocks fail to reach their full potential.

ONGC and Elliot Wave Theory - Rakesh Chandra

Elliot Wave Theory (EWT) states the Alternation Rule as

(1) If Wave Two is a simple correction, expect Wave Four to be a complex correction.
(For ONGC wave 1-2 wave is simple).

(2) Triangles commonly occur as fourth waves.
Note the 4th wave triangnle in chart).

(3) Elliott Wave Triangle designates five sub-waves of a triangle as A, B, C, D and E in sequence.
(Note the triangle labeling).

(4) Prices tend to shoot out of the triangle formation in a swift thrust. When triangles occur in the fourth wave, the market thrusts out of the triangle in the same direction as Wave 3.
(Now the large wave 3 has downward ward direction, so the thrust direction will be accordingly, downward)

ONGC Stoploss 660 Short below 646.44. Lower target WLT1> 625>> 591>>> 570.

Nifty Spot - Symmetrical Triangle

A picture perfect symmetrical triangle formation on Nifty Spot - an upward breakout in the offing. Will it or won't it? Only time would be able to tell.