As per Elliott Wave Reliance Power is about to complete or may have already completed its final phase of the impulse and as Per Gann the down Cycle unfold and stock may be ready to join the fall with the all others.
Price structure at the top looks shows Ending Diagonal Pattern unfolding with the Resistance already existing. I have merged the EW with the Gann Cycle. The Gann Cycle of the Reliance Power may do the rest at present 47 and 45 levels look probable targets. @ 38% and 50% retracements. they will shift a bit depending on if the swing top is marked a bit higher.
But I will tell you how could have Gann traded in the same move without using any Elliott waves. Gann had his own device known as “Mechanical Trend Indicator”. How he used it was he used to record the average of all the ups and average of all the downs. And as you know in Elliott waves the Pattern Ends with the Ending Diagonals, where the the moves become smaller. These smaller moves could have given Gann an idea that there is change in the sentiments. and obviously he had his price calculators such as square of 9 and planet lines which gave the targets without using any fibonacci ratios , while he was actully using retracements like 33% and 50%, 75% etc. And obviously he knew which cycle in the stock is functional, so he got the idea of the direction. And above all his money management and trading rules were at first place to save him from any adverse trade.