BHEL – Wave 2/B Pullback in Play?After a strong 5-wave rally from 176.00 to 268.95, BHEL may be entering a corrective phase — either a regular, expanding, or even a running flat.
Price has formed a potential double top at 268.95/268.40. The pullback from here could complete a Wave C within the 245–232 zone, supported by Fibonacci extensions and prior structure.
🔻 Short-term bias: bearish, targeting Wave C completion.
⚠️ However, if this turns out to be a running flat, Wave C may end above 245.70 (Wave A low) and still be valid — so price may reverse early.
📉 RSI is lagging as price retests highs — hinting at weakening momentum.
📌 Key Levels:
Invalidation for short-term short: 268.95 (tight; likely breached in expanding/running flat)
Wave C zone: 245.15 to 230.78
Structural invalidation (bullish view fails): below 230.78
🟢 Big picture: bullish.
This correction is likely setting up the next impulsive Wave 3 or C toward new highs.
Let price confirm it.
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.
