BPCL– Wave B Nearing Resistance, Wave 2 Correction Still in Play

Back on August 20, I highlighted that BPCL had completed a 5-wave advance from 234.01 to 358.65, marking higher degree Wave 1, and that a corrective Wave 2 was in progress. (Earlier technical analysis write-up is attached here:

)

At that time, only Wave (a) of the correction was visible. Since then, price action has unfolded further:

• Wave B is now rising into a strong resistance cluster near 350–358.
  
• Unless price decisively breaks above 358.65, the move remains corrective.
  
• A final Wave C decline into the 0.5–0.618 retracement zone (296–281) remains the higher probability path.
  

Momentum check: The RSI is pushing higher alongside Wave B, but if momentum stalls here, it would confirm the setup for a downward leg.

Key Levels:

• Resistance / Stop: 358.65
  
• Retracement Zone: 296 – 281
  

Summary: The corrective roadmap outlined in August is still intact. With Wave B nearing exhaustion, focus now shifts to a potential Wave C decline toward 296–281, before the larger bullish structure resumes with Wave 3.

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.