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

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

Previous: Nestle India Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

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.