Petronet Long Setup: Wave C Ends at 1.382 of A–Breakout + Retest

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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.
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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