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