BHEL, since its low of 90.15, has been moving in a parallel channel line forming zigzag (5-3-5) movement on either side. Any breach of this channel's support line shall be confirmation for the stock moving further down and may breach its low of 90.15.
However, until it breaches the channel's support line there is possibility that the stock may, sooner or later, complete its upside target which may finish with completion of another impulsive run from its recent low of 133.60 by touching or coming nearest possible to its upper resistance line.
Secondly, with the counts of complex correction there has been provided another alternate counts which suggest that the run from the low of 90.15 to its high of 182.75 was an extended flat corrective pattern. If this run was an extended flat corrective than the breach of support line or the recent low of 133.60 may confirm the same.
The fall from the high of 182.75 to 133.60 was a three wave pattern. If the stock is about to witness any further fall then it may give a sideways movement over the next few trading days and then start falling again. The stock may see resistance around 145-148 zone.
However, until it breaches the channel's support line there is possibility that the stock may, sooner or later, complete its upside target which may finish with completion of another impulsive run from its recent low of 133.60 by touching or coming nearest possible to its upper resistance line.
Secondly, with the counts of complex correction there has been provided another alternate counts which suggest that the run from the low of 90.15 to its high of 182.75 was an extended flat corrective pattern. If this run was an extended flat corrective than the breach of support line or the recent low of 133.60 may confirm the same.
The fall from the high of 182.75 to 133.60 was a three wave pattern. If the stock is about to witness any further fall then it may give a sideways movement over the next few trading days and then start falling again. The stock may see resistance around 145-148 zone.