Patel Engineering - Multibagger with a turn around story ?

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.