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
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
Comment:
The stock price of PEL has decreased by 5%
Comment:
the stock price has decreased from 745 to 649. It is recommended to continue monitoring the stock price to determine