Wave iii was PE expansion - Now we wait for earnings

Mazagaon docks had a vertical wave iii based on PE expansion . Now it requires earnings expansion . Till EPS does not increase it will continue to be in wave iv and most probably form a triangle till it digests the PE increase in wave iii. Valuations will take time to normalize . But its a hold . Since many stocks have completed wave iii , we should be good at trading for another 6-12 months