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Reliance Infra: A Corrective Pattern.

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Reliance Infra after making a top of 819 in the month of October 2014, started moving in a negative direction. The stock is moving by breaching its previous lows which opens negative possibilities. Prices made a pivot high in the month of November 2014 and resumed it downtrend by breaking the low of 542 levels, thus clearly indicating that the trend is firmly negative. Momentum indicator RSI has also relieved from the oversold zone and can probably resume its downtrend.
As per Wave theory, Prices are moving in a corrective pattern (a-b-c), where it is currently moving in a wave c pattern which is impulsive in nature. In wave c it has completed wave 1,2 and 3 and it has probably completed wave 4 in the form of triangle. It can now start its last leg which is wave 5 on the downside dragging prices lower till 450 levels.

In short, Reliance infra can move down to test the level of 450 as far as the level of 515 is protected on upside.
Daily Chart of Reliance Infra