BSE Power

The BSE Power index has been falling even as power stocks have been going up, except those from the Adani group. 3 of the components of the index were Adani companies so that hurt. Now the fall is a-b-c and we are near the 20-week average. The correction in the underlying index could be complete in wave 4 of 3 of 3. Yes, there are multiple subdivisions here and each rally was shorter than the previous one forcing the wave counts to change into extensions. Meaning we have a long way up to go before the power sector 3rd wave rally is over.