BPCL Indian Stocks Elliott Wave technical analysis [Video]

BPCL – BPCL (1D Chart) Elliott Wave Technical Analysis.

Elliott Wave technical analysis

• Function: Counter Trend (Intermediate Degree Orange).

• Mode: Corrective.

• Structure: Potential Impulse within a Larger Degree Correction.

• Position: Minute Wave ((v)).

• Details:

  • The lower-degree impulse wave is potentially complete around 243.

  • Minute Wave ((v)) has unfolded as a diagonal.

  • If correct, a counter-trend rally should push above the 300 level soon.

• Invalidation point: 375.

BPCL Daily Chart – Technical Analysis & Elliott Wave Counts.

The BPCL daily chart indicates a trend reversal after the stock declined from the 375 level in October 2024.

• A potential impulse lower has been completed, suggesting a larger degree trend is turning bearish against the all-time high of 375.

• Previously, the stock had formed a bottom in the 140-145 zone (October 2022).

• From there, a five-wave rally at the Intermediate Degree (Waves (1) through (5)) led to a peak at 375 in October 2024.

• Since then, bearish control has prevailed.

BPCL – BPCL (4H Chart) Elliott Wave Technical Analysis.

Elliott Wave technical analysis

• Function: Counter Trend (Intermediate Degree Orange).

• Mode: Corrective.

• Structure: Potential Impulse within a Larger Degree Correction.

• Position: Minute Wave ((v)).

• Details:

  • The lower-degree impulse wave is potentially complete around 243.

  • Minute Wave ((v)) has unfolded as a diagonal.

  • If correct, a counter-trend rally should push above the 300 level soon.

• Invalidation point: 375.

BPCL 4H Chart – Technical Analysis & Elliott Wave Counts.

The BPCL 4H chart highlights sub-waves after the stock hit 375 in October 2024.

• The entire drop from 375 to 243 appears as an impulse at the Minute Degree.

• Minute Wave ((v)) may have unfolded as an ending diagonal.

• If correct, a corrective rally toward 306 is expected before bearish control resumes.

• A deeper correction towards 144 may unfold in the coming months.

Conclusion

BPCL has turned lower against 375 and could enter a much deeper correction after a pullback rally.

Elliott Wave analyst: Harsh Japee.

Elliott Wave technical analysis [Video]