Elliott Wave Analysis: VELESTO Stock Price Movement

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VELESTO has completed wave (II) or wave B.

It currently appears to be forming wave 1 of wave (III) or wave C.

For VELESTO to retrace to wave 2 of the wave (III) uptrend, wave 1 must first be completed, which is currently in progress.

Wave 2 may retrace to the Fibonacci level of wave 2, potentially falling below 50% of wave 1, and may conclude with a zigzag pattern.

Wave (III) or wave C may complete with five minor waves or, alternatively, wave C may conclude with an ending diagonal pattern.

This analysis is provided solely for Elliott Wave learning purposes and does not constitute a recommendation to buy or sell. Please perform your own technical analysis.

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