Reliance : A probable thesis

The rally from 1830 to 2231.9 looks like a Leading Diagonal which could be Wave 1 or A and the recent correction could be Wave 2 or B. The correction is around 0.618 level and the price is penetrating around 0.618 level. So what I think is that if Reliance starts moving higher from here the next impulse could be very strong.

This is just a rough idea at this stage and further developments can provide us more clarity.