TRENDING:

XAU/USD

Silver

BPCL Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

BPCL – BPCL (1D chart) Elliott Wave technical analysis

Function: Larger Degree Trend Higher (Intermediate Degree Orange).

Mode: Motive.

Structure: Impulse.

Position: Minor Wave 3.

Details: Minor Wav 3 Grey progressing higher within Intermediate Wave (5) Orange against 324. Alternatively, Minor Wave 5 Grey is complete and the stock has turned lower. Long traders please exercise caution.

Invalidation point: 324.

BPCL Daily Chart Technical Analysis and potential Elliott Wave Counts

BPCL daily chart is indicating five waves potentially complete between 144 and 380 levels at the Intermediate level. A break below 324 will confirm a major top is in place and the stock is in for a deeper correction lower.

The stock had bottomed around 144 mark in October 2022 and since then Intermediate Waves (1) though (5) Orange look complete through 380 high, which was registered on September 30, 2024. Please note, Minor Wave 3 Grey within Intermediate Wave (5) was extended.

Intermediate Wave (4) Orange completed around 269 on June 04, 2024 along with majority stocks. If the above holds well, high probability remains for Intermediate Wave (5) to have completed around 380 mark. Bears are looking poised to break below 324 near term.

BPCL – BPCL (4H chart) Elliott Wave technical analysis

Function: Larger Degree Trend Higher (Intermediate Degree Orange).

Mode: Motive.

Structure: Impulse.

Position: Minor Wave 3.

Details: Minor Wav 3 Grey progressing higher within Intermediate Wave (5) Orange against 324. Alternatively, Minor Wave 3 terminated around 360, Wave 4 Grey around 324 and Minor Wave 5 Grey is complete around 280 and the stock has turned lower. Long traders please exercise caution.

Invalidation point: 324

BPCL 4H Chart Technical Analysis and potential Elliott Wave Counts.

BPCL 4H chart highlights the sub waves since Intermediate Wave (3) Orange. Please note that Wave (4) Orange was a combination W-X-Y, while Wave (5) is either complete or just one leg away from terminating. Prepare for a potential deeper correction ahead.

Conclusion:

BPCL has either terminated Intermediate Wave (5) Orange around 380 or is close to completing soon. Please watch for a break below 324 for a bearish reversal confirmation.

Elliott Wave analyst: Harsh Japee.

BPCL four-hour chart technical analysis and potential Elliott Wave counts [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.