BHARAT ELECTRICALS – BEL (1D Chart) Elliott Wave Technical AnalysisFunction: Larger Degree Trend Higher (Intermediate degree, orange)Mode: MotiveStructure: ImpulsePosition: Minute Wave ((ii)) NavyDetails: Minute Wave ((iii)) Navy of Minor Wave 5 Grey is now progressing higher against 229. Alternatively Wave 5 Grey completed above 342. Bullish traders please exercise caution. No change.Invalidation point: 229Bharat Electricals Daily Chart Technical Analysis and potential Elliott Wave Counts:Bharat Electricals Elliott Wave Counts on daily chart is indicting Minor Wave 5 Grey pushing higher through 350 levels, going forward. Prices must stay above 229, Minor Wave 4 Grey termination, for the bullish count to hold true.Bharat Electricals has been rallying since January 2023 after printing lows around 85 mark. The above progressive rally has unfolded as an impulse with Minor Waves 1 through 5 marked. Minor Wave 4 terminated around 229 on June 04, 2024 and since then bulls are pushing through Minor Wave 5. Further within Minor Wave 5 Grey. Minute Waves ((i)) and ((ii)) seems to be in place around 330 and 270 respectively. If correct, prices should ideally stay above 270 and continue higher as Minute Wave ((iii)) unfolds. Alternate Elliot Wave count suggests Wave 5 Grey is in place around 330.(Click on image to enlarge)
BHARAT ELECTRICALS – BEL (4H Chart) Elliott Wave Technical AnalysisFunction: Larger Degree Trend Higher (Intermediate degree, orange)Mode: MotiveStructure: ImpulsePosition: Minute Wave ((ii)) NavyDetails: Minute Wave ((iii)) Navy of Minor Wave 5 Grey is now progressing higher against 229. Furthermore, Minuette Waves (i) and (ii) are complete and (iii) Orange should ideally push through 320 levels. Alternatively Wave 5 Grey completed above 342. Invalidation point: 229Bharat Electricals 4H Chart Technical Analysis and potential Elliott Wave Counts:Bharat Electricals 4H is highlighting Minuette degree sub waves within Minute Wave ((i)) and ((ii)) and further. The lower degree Elliott Wave counts suggest Minute Wave ((ii)) unfolded as a zigzag (a)-(b)-(c) Orange, terminating around 270 mark. Minute Wave ((iii)) is progressing against 270 at the time of writing.(Click on image to enlarge)
Conclusion:Bharat Electricals is progressing higher towards 350 at least, as Minute Wave ((iii)) unfolds within Minor Wave 5 Grey, going forward.Elliott Wave Analyst: Harsh JapeeMore By This Author:
Bharat Electronics Elliott Wave Technical Analysis
