Patel Engineering,
Looks like a turn around story in the making. After a rounded bottom it completed wave 1 at about 70 and now completed wave 2 around 35 in April.
Now its all set for the next impulse move ( wave 3 ) with a breakout happening. that should give multi bagger gains.
Details in chart.
Another possibility is that it might continue with the correction, by forming a flat pattern in which case a target of 60 to 70 is a given.
Some concerns are:
Promoters have pledged 88.7% of their holding.
Promoter holding has decreased over last 3 years: -18.5%
This is an effort in understanding Elliot Wave pattern and is for education purpose and not a stock recommendation.
Looks like a turn around story in the making. After a rounded bottom it completed wave 1 at about 70 and now completed wave 2 around 35 in April.
Now its all set for the next impulse move ( wave 3 ) with a breakout happening. that should give multi bagger gains.
Details in chart.
Another possibility is that it might continue with the correction, by forming a flat pattern in which case a target of 60 to 70 is a given.
Some concerns are:
Promoters have pledged 88.7% of their holding.
Promoter holding has decreased over last 3 years: -18.5%
This is an effort in understanding Elliot Wave pattern and is for education purpose and not a stock recommendation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.