Reliance Industries - Looking weak

Following is the weekly chart of reliance industries. 

 
There are a few striking points showing on this chart

1. At cycle degree (shown in purple) from Jan 2008 till March 2015,  it is possible the stock consolidated in a 4th wave triangle. The triangle is shown in yellow on the chart.

2. At primary degree, starting March 2015, the stock prices can be seen completing 5 wave impulse in August 2018 (shown in red).

3. The first leg of the downtrend may have completed in October 2018 and it is currently in bear market rally (bounce). Once the rally is complete, the stock may once again resume its downward trend.

If the point 1. above turns out right it may imply that the stock made a very major cycle degree top in August 2018. If so the ongoing correction is likely to be deep and take time to complete.