BPCL – BPCL (1D Chart) Elliott Wave Technical Analysis
BPCL 1D Chart Analysis
BPCL 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 appears complete around 243.
- Minute Wave ((v)) has developed as a diagonal formation.
- If accurate, a counter-trend rally could drive prices above the 300 level soon.
Invalidation Point: 375
BPCL Daily Chart – Technical Analysis & Elliott Wave Counts
The BPCL daily chart suggests a trend reversal following the stock’s decline from 375 in October 2024.
- A potential impulse lower appears to be completed, indicating a broader downtrend against the all-time high of 375.
- Previously, BPCL found support within the 140-145 zone (October 2022).
- Following this, an Intermediate Degree five-wave rally (Waves (1) through (5)) drove the stock to a peak of 375 in October 2024.
- Since then, bearish momentum has dominated, signaling the onset of a larger correction.
BPCL – BPCL (4H Chart) Elliott Wave Technical Analysis
BPCL 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 appears to have concluded around 243.
- Minute Wave ((v)) likely formed as an ending diagonal.
- If this count holds, a corrective rally above 300 is expected before a deeper downturn.
Invalidation Point: 375
BPCL 4H Chart – Technical Analysis & Elliott Wave Counts
The BPCL 4H chart breaks down sub-waves following the stock’s 375 peak in October 2024.
- The drop from 375 to 243 resembles an impulse wave at the Minute Degree.
- Minute Wave ((v)) may have completed as an ending diagonal, hinting at a temporary corrective rally.
- If the structure is valid, BPCL could see a retracement toward 306 before bearish pressure resumes.
- A deeper correction toward 144 may unfold in the coming months.
Technical Analyst: Harsh Japee
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Conclusion
BPCL remains in a downtrend below 375, and after a potential corrective rally, a deeper correction could follow.
Key Resistance Levels:
- 300-310 range – Potential selling pressure may emerge in this zone.