BHEL had fell in 5 wave in A wave in june. Usually a retracement occurs after a 5 wave decline and then declines in another 5 wave . The stock not only made a retracement but extended to new high. But in a corrective wave not impulse which is B wave
It also doesnt break 1.382 retracement there by opening a case for a Irregular / Running Flat. From the july, it moved sideways in a-b-c-d-e ( traingular structure ) in wave C. This completes running flat structure in wave 4
