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.
註釋
⚠️ 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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這些資訊和出版物並不意味著也不構成TradingView提供或認可的金融、投資、交易或其他類型的意見或建議。請在使用條款閱讀更多資訊。