Technical Context
The price action on the 4-hour chart for Petronet LNG has established a leading diagonal off the base, followed by a standard corrective pullback. This specific structural sequence dictates two primary pathways for the impending advance: a three-wave zigzag or a five-wave impulsive move. Because a leading diagonal can operate as Wave A of a zigzag or Wave 1 of an impulse, the setup provides dual structural justifications for continued upward momentum.
Bullish Scenario
Thesis: The correction terminating at 259.00 provides the origin for the next motive wave. Whether unfolding as Wave C of a zigzag or the more powerful Wave 3 of an impulse, the directional bias remains firmly upward.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please make your own decisions before making any trading decisions.
The price action on the 4-hour chart for Petronet LNG has established a leading diagonal off the base, followed by a standard corrective pullback. This specific structural sequence dictates two primary pathways for the impending advance: a three-wave zigzag or a five-wave impulsive move. Because a leading diagonal can operate as Wave A of a zigzag or Wave 1 of an impulse, the setup provides dual structural justifications for continued upward momentum.
Bullish Scenario
Thesis: The correction terminating at 259.00 provides the origin for the next motive wave. Whether unfolding as Wave C of a zigzag or the more powerful Wave 3 of an impulse, the directional bias remains firmly upward.
- Trigger: Sustained price action above the 259.00 pivot.
- Targets: 302.05 (primary objective if unfolding as a zigzag, where Wave C equals Wave A) and 305.00+ (extended objective if unfolding as an impulse, targeting the 1.618 Fibonacci extension for Wave 3).
- Invalidation (Stop Loss): 247.09. This placement accommodates standard volatility while preserving the core structural thesis.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please make your own decisions before making any trading decisions.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.