BHARAT ELECTRICALS – BEL Elliott Wave Analysis (1D Chart)
Bharat Electricals Elliott Wave Technical Analysis
Function: Larger Degree Trend Higher (Intermediate Degree, Orange)
Mode: Motive
Structure: Impulse
Position: Minute Wave ((ii)) Navy
Details: Minute Wave ((iii)) Navy of Minor Wave 5 Grey is progressing higher against 229. Alternatively, Wave 5 Grey may have completed above 342. Bullish traders should exercise caution. No change.
Invalidation Point: 229
Bharat Electricals Daily Chart Technical Analysis and Potential Elliott Wave Counts:
Bharat Electricals' Elliott Wave counts on the daily chart indicate that Minor Wave 5 Grey is pushing higher, targeting the 350 levels. To maintain the bullish outlook, prices must stay above 229, where Minor Wave 4 Grey terminated.
Since January 2023, Bharat Electricals has been rallying, recovering from lows near the 85 mark. This upward movement unfolded as an impulse, with Minor Waves 1 through 5 clearly marked. Minor Wave 4 terminated around 229 on June 4, 2024, and since then, bulls have been driving prices higher through Minor Wave 5.
Within Minor Wave 5 Grey, Minute Waves ((i)) and ((ii)) appear to have formed near 330 and 270, respectively. If this count is correct, prices should ideally stay above 270 and continue to rise as Minute Wave ((iii)) unfolds. An alternative Elliott Wave count suggests that Wave 5 Grey may have completed around 330.
BHARAT ELECTRICALS – BEL Elliott Wave Analysis (4H Chart)
Function: Larger Degree Trend Higher (Intermediate Degree, Orange)
Mode: Motive
Structure: Impulse
Position: Minute Wave ((ii)) Navy
Details: Minute Wave ((iii)) Navy of Minor Wave 5 Grey is progressing higher against 229. Additionally, Minuette Waves (i) and (ii) have completed, and Wave (iii) Orange should ideally push through the 320 levels. Alternatively, Wave 5 Grey may have completed above 342.
Invalidation Point: 229
Bharat Electricals 4H Chart Technical Analysis and Potential Elliott Wave Counts:
The 4H chart for Bharat Electricals highlights Minuette degree sub-waves within Minute Waves ((i)) and ((ii)). The lower-degree Elliott Wave counts suggest that Minute Wave ((ii)) unfolded as a zigzag (a)-(b)-(c) Orange, terminating near the 270 mark. At the time of writing, Minute Wave ((iii)) is progressing higher against 270.
Technical Analyst: Harsh Japee
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Conclusion:
Bharat Electricals is progressing higher, aiming for at least 350 as Minute Wave ((iii)) unfolds within Minor Wave 5 Grey. This outlook remains valid as long as prices stay above the key support levels.