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.

• Key Resistance: 300-310 range – watch for selling pressure in this zone.

Elliott Wave Analyst: Harsh Japee

More By This Author:

Unlocking ASX Trading Success: Insurance Australia Group Ltd.
Elliott Wave Technical Analysis: British Pound/U.S. Dollar - Monday, Feb. 24
Elliott Wave Technical Analysis - NEO Crypto Price News Today