The chart shows a flat pattern in progress, which is a type of corrective wave. The pattern is labeled as A-B-C and is indicated by the three waves on the chart.
In a flat pattern, wave B retraces at least 80% of wave A, and wave C moves in the opposite direction of wave A.
On this chart, wave A started at the high point of the trend and moved downward, followed by a retracement in wave B. Wave B retraced more than 90% of wave A, indicating that this is a flat pattern. The current wave C is moving.
Based on this pattern, it is possible that the corrective phase is running, and after complete new trend might be form. Traders may want to watch for a breakout of channel pattern as a potential indication that the new trend is starting
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The stock price of PEL has decreased by 5%
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the stock price has decreased from 745 to 649. It is recommended to continue monitoring the stock price to determine
Thank you for analysing the stock. It appears that you have a good understanding of key levels and chart patterns. You mention an impressive label and wave, which will be helpful for the investor in taking a decision.
Happy Trading
karuneshbajpaistp
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@Kapil-Mittal Thank you, Kapil, for taking the time to appreciate the analysis. It's always nice to receive positive feedback
Welcome to the trading view community. Good work on your first analysis.
Refer the link for guidance. tradingview.com/support/solutions/43000603748-how-to-post-awesome-ideas-and-get-lots-of-likes/
regards
Vanathi