BPCL Elliott Wave Analysis – Breakout & Final Impulse UnfoldingKey Insights:
- BPCL broke out of a long-term contracting triangle (A-B-C-D-E) that had been forming since 2018.
- The breakout from Wave E (end of the triangle) triggered a strong impulsive rally, confirming a bullish trend.
- The primary impulse wave (Red 3) peaked, followed by a corrective Wave 4, which appears completed around the ₹256 zone (1.618 Fib).
- Now, BPCL is in the **final impulsive move (Red 5), with a 5-wave structure unfolding inside it.
Technical Structure & Levels:
-Contracting Triangle Breakout**: The breakout signaled the start of a strong uptrend.
- Wave 1 Red 5 is in progress with potential Fibonacci targets at:
- ₹312 (2.618 Fib)**
- ₹368 (3.618 Fib)**
- ₹424 (4.618 Fib)**
- Wave 4 retracement expected before final Wave 5 completion of the larger cycle.
Key Levels to Watch:
🔹 Support: ₹278 (Previous Wave 4 low), ₹256 (1.618 Fib)
🔹 Resistance: ₹312 (2.618 Fib), ₹368 (3.618 Fib), ₹424 (4.618 Fib)
📢 Possible Breakout Confirmation: If BPCL clears ₹312 convincingly, it could accelerate towards ₹368 and ₹424, completing the larger impulsive structure.
🚨 **Disclaimer:** The content shared is for **educational and informational purposes only** and should **not be considered financial advice, investment recommendations, or trading signals**. I am **not a SEBI-registered analyst or advisor**. Always conduct **your own research and analysis** before making any financial decisions. Trading and investing involve significant risk, and past performance is **not indicative of future results**. I may be **completely wrong** in my analysis. Please consult a professional financial advisor before making any investment decisions.
