It is not today but for long that I have been bearish the ADAG group stocks and for some reason they have been underperforming the markets. I often draw similarities with what Reliance Capital did in 2000. During that bear market prices paused above the shelf support for months forming a triangular distribution pattern before breaking the shelf to much lower levels.

Reliance Capital [may] Reliance Capital is in wave C down that has subdivided into waves 1 and 2. Wave 2 did not bounce much and it is possible that wave 3 down started. A move below 394 would confirm 3=1 next at 291. Resistance is at 435 near the averages.

 

Reliance Capital [june] Reliance Capital made a recent high at 448.75. Wave 2 of C complete we should start wave 3 of C down from here. Staying below this high 3=1 would point to 264

 

Reliance Capital Update [august] Reliance capital closed in red near the upper Bollinger band. Remember I considered wave B as ened in June and prices felll but have rallied back. Now the entire structure is wave B in the form of an expanded flat. 3-3-5 wave pattern from point A to B, where (b) is within 138.2% of A and (c) is nearly 161.8% of (a). Wave C down is due to start soon. A close below 425 would confirm it further. Resistance at 465

 

Reliance Capital [December] Reliance Capital failed to make any meaningful bounce back and is then mostly in wave C down from the recent highs. The 20dma at 243 would be the key resistance and C=A goes to 123

 

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