Elliott Wave Analysis: VELESTO Stock Price MovementVelesto Energy Bhd.MYX_DLY:VELESTOAdamIdris2VELESTO has completed wave (II) or wave B. It currently appears to be forming wave 1 of wave (III) or wave C. For VELESTO to retrace to wave 2 of the wave (III) uptrend, wave 1 must first be completed, which is currently in progress. Wave 2 may retrace to the Fibonacci level of wave 2, potentially falling below 50% of wave 1, and may conclude with a zigzag pattern. Wave (III) or wave C may complete with five minor waves or, alternatively, wave C may conclude with an ending diagonal pattern. This analysis is provided solely for Elliott Wave learning purposes and does not constitute a recommendation to buy or sell. Please perform your own technical analysis.