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Petronet Long Setup: Wave C Ends at 1.382 of A–Breakout + Retest
This is a trend continuation setup on Petronet, based on Elliott Wave correction structure, Fibonacci confluence, and price action confirmation.
The stock recently completed a clean A-B-C corrective pattern, with Wave C terminating around the 1.382 extension of Wave A — a common Fibonacci exhaustion zone, often signaling the end of corrections.
Key factors supporting the long bias:
🌀 Wave C = 1.382 of Wave A, indicating potential completion of the correction.
🔍 A Break of Structure (BOS) was observed, confirming the shift in trend.
📈 Importantly, the BOS was marked by a strong bullish candle, adding conviction to the move.
🔁 Entry was planned on the retest of the broken resistance, which is now acting as support.
📊 Structure suggests we may now be entering a new impulse wave upward.
Risk Management Plan:
🛑 Stop-loss just below the Wave C low / support zone.
🎯 Targeting a minimum 1:2 Risk-to-Reward, aligned with the next impulse projection.
This trade favors confirmation over anticipation — by waiting for BOS + bullish candle + retest, the entry is more structurally reliable.
The stock recently completed a clean A-B-C corrective pattern, with Wave C terminating around the 1.382 extension of Wave A — a common Fibonacci exhaustion zone, often signaling the end of corrections.
Key factors supporting the long bias:
🌀 Wave C = 1.382 of Wave A, indicating potential completion of the correction.
🔍 A Break of Structure (BOS) was observed, confirming the shift in trend.
📈 Importantly, the BOS was marked by a strong bullish candle, adding conviction to the move.
🔁 Entry was planned on the retest of the broken resistance, which is now acting as support.
📊 Structure suggests we may now be entering a new impulse wave upward.
Risk Management Plan:
🛑 Stop-loss just below the Wave C low / support zone.
🎯 Targeting a minimum 1:2 Risk-to-Reward, aligned with the next impulse projection.
This trade favors confirmation over anticipation — by waiting for BOS + bullish candle + retest, the entry is more structurally reliable.
ノート
⚠️ Correction: The chart shown is of SELAN, not Petronet.Analysis and structure still apply as described. Apologies for the naming error.
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免責事項
これらの情報および投稿は、TradingViewが提供または承認する金融、投資、取引、またはその他の種類の助言もしくは推奨であることを意図したものではなく、またこれらに該当するものでもありません。詳細は利用規約をご覧ください。