PNB

PNB - or Punjab national bank, has pulled back to 61.8% retracement near 31.10. This is being considerd wave 2. My daily filters shows that the stocks daily momentum crossed over to the buy side and so it is on my radar for starting wave 3. If wave 2 ends at the recent low the guideline of equality in Ellliott Waves allows us to put a number near 3=1 for the thrid wave which is near 46. It also coincides with the top end of a rising channel drawn for the price action so far.