BPCL – Wave 2 Correction in Play

20 Ogo

BPCL has completed a clear 5-wave advance from the 234.01 low to the 358.45 high, marking higher degree Wave 1. Price is now unfolding a corrective Wave 2, with Wave (a) already in place.

• Wave (b) is likely to take shape as a flat or a triangle before a final Wave (c) down.
  
• The retracement zone (0.5–0.618) from the Wave (1) start to Wave (5) high lies between 296–281, which is quite typical for second waves.
  
• RSI remains weak, suggesting that further downside into this zone is probable before the next leg higher begins.
  
• Invalidation: The bullish count fails if price drops below 234.01 (start of Wave 1).
  

Overall, the setup favors a corrective pullback completing within the 296–281 zone, before a potential strong Wave 3 rally unfolds.

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.

16 Sep

Dagangan aktif