BEL Elliott Wave technical analysis
Function: Larger Degree Trend Higher (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Minute Wave ((ii)) Navy.
Details: Minute Wave ((iii)) Navy of Minor Wave 5 Grey is now progressing higher against 229, as Wave ((ii)) might be in place around 250-60. Alternatively Wave 5 Grey completed above 342.
Invalidation point: 229.
Bharat Electronics daily chart technical analysis and potential Elliott Wave counts
Bharat Electronics daily chart is indicating bulls are to remain in control until prices stay above 229 mark. The stock is still progressing higher to terminate Minor Wave 5 Grey above 350-70 range as Minute Wave ((iii)) begins to unfold.
The stock had earlier dropped through 87 lows in January 2023, potential Intermediate Wave (4). Since then, the rally could be subdivided into Minor Waves 1 through 4, which terminated around 229 mark. If correct, prices are now pushing higher as Minor Wave 5 is unfolding.
BEL Elliott Wave technical analysis
Function: Larger Degree Trend Higher (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Minute Wave ((ii)) Navy.
Details: Minute Wave ((iii)) Navy of Minor Wave 5 Grey is now progressing higher against 229, as Wave ((ii)) might be in place around 250-60. Alternatively Wave 5 Grey completed above 342. Any break below 229 will void the bullish scenario.
Invalidation point: 229.
Bharat Electronics four-hour chart technical analysis and potential Elliott Wave counts
Bharat Electronics 4H chart is highlighting the sub waves after Minor Wave 3 terminated around 325 mark. Wave 4 was sharp to drop around 229 on June 03, 2024 and since then Minor Wave 5 is unfolding. Further, Minute Waves ((i)) and ((ii)) could be complete around 342 and 260 levels respectively. If correct, Minute Wave ((iii)) could be now underway. Bottom line is 229 for bulls to remain in control.
Conclusion
Bharat Electronics seem to be progressing higher within Minute Wave ((iii)) of Minor Wave 5 Grey against 229 mark.
Bharat Electronics Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD stays near 1.0400 in thin holiday trading
EUR/USD trades with mild losses near 1.0400 on Tuesday. The expectation that the US Federal Reserve will deliver fewer rate cuts in 2025 provides some support for the US Dollar. Trading volumes are likely to remain low heading into the Christmas break.
GBP/USD struggles to find direction, holds steady near 1.2550
GBP/USD consolidates in a range at around 1.2550 on Tuesday after closing in negative territory on Monday. The US Dollar preserves its strength and makes it difficult for the pair to gain traction as trading conditions thin out on Christmas Eve.
Gold holds above $2,600, bulls non-committed on hawkish Fed outlook
Gold trades in a narrow channel above $2,600 on Tuesday, albeit lacking strong follow-through buying. Geopolitical tensions and trade war fears lend support to the safe-haven XAU/USD, while the Fed’s hawkish shift acts as a tailwind for the USD and caps the precious metal.
IRS says crypto staking should be taxed in response to lawsuit
In a filing on Monday, the US International Revenue Service stated that the rewards gotten from staking cryptocurrencies should be taxed, responding to a lawsuit from couple Joshua and Jessica Jarrett.
2025 outlook: What is next for developed economies and currencies?
As the door closes in 2024, and while the year feels like it has passed in the blink of an eye, a lot has happened. If I had to summarise it all in four words, it would be: ‘a year of surprises’.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.