BSE Power

The BSE Power index has been in a corrective phase and the wave count suggests it is currently in Wave 4. Within Wave 4, the index is possibly forming a falling wedge pattern and is currently in wave e. On the way down, 2590-2585 i.e. the lower end of the falling wedge pattern will be a crucial support zone to watch out for in the near term. The other scenario is that If the lower end of the falling wedge pattern is broken decisively then the correction can extend to the previous Wave IV. Trading above the key moving averages (20DMA and 40DEMA) will be an initial confirmation of reversal in BSE Power.