BPCL has completed a clear 5-wave advance from the 234.01 low to the 358.45 high, marking higher degree Wave 1. Price is now unfolding a corrective Wave 2, with Wave (a) already in place.
Overall, the setup favors a corrective pullback completing within the 296–281 zone, before a potential strong Wave 3 rally unfolds.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
- Wave (b) is likely to take shape as a flat or a triangle before a final Wave (c) down.
- The retracement zone (0.5–0.618) from the Wave (1) start to Wave (5) high lies between 296–281, which is quite typical for second waves.
- RSI remains weak, suggesting that further downside into this zone is probable before the next leg higher begins.
- Invalidation: The bullish count fails if price drops below 234.01 (start of Wave 1).
Overall, the setup favors a corrective pullback completing within the 296–281 zone, before a potential strong Wave 3 rally unfolds.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
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WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.