TEXRAIL : What is after Sharp Decline?

TEXRAIL: Elliott Wave Analysis - Weekly Chart

Source: LiveTradingBox | Chart Date: March 18, 2023

Overview

Texmaco Rail & Engineering Ltd. (TEXRAIL) rallied from 60 INR (early 2023) to 280 INR (mid-2024), a 366% gain, but has corrected to 124.27 INR. Using Elliott Wave and Fibonacci, this analysis projects the next moves.

Elliott Wave Outlook

• [] Wave (A): Decline from 280 INR to 124 INR (complete).
  [] Wave (B): Counter-trend rally expected to 162–173 INR ("First Wave C completion zone").
  
• Wave (C): Final decline projected to 120–128 INR ("Correction Wave C completion zone").
  

Key Levels

• [] Resistance: 162–173 INR (Wave (B) target).
  [] Support: 120–128 INR (Wave (C) target); 100.74 INR (stop loss on weekly close).
  
• Fibonacci: 162–173 INR aligns with 23.6%–38.2% retracement of Wave (A); 120–128 INR matches 113%–127% extension.
  

Price Action & Volume

• [] Stock consolidating near 124 INR with smaller candlesticks, indicating indecision.
  [] Volume decreasing, suggesting a potential reversal or continuation.
  

Trading Strategy

• [] Bullish (Wave (B)):
  • [] Buy on confirmation above 128 INR.
    [] Target: 162–173 INR.
    [] Stop Loss: Below 100.74 INR (weekly close).
    [] R:R ≈ 1.63:1.
    
  [] Bearish (Wave (C)):
  • [] Short below 120 INR.
    [] Target: 100.74 INR.
    
  • Stop: Above 128 INR.
    

Conclusion

TEXRAIL is in a corrective ABC pattern. Expect a Wave (B) rally to 162–173 INR, followed by a Wave (C) decline to 120–128 INR. A weekly close below 100.74 INR turns the outlook bearish. Monitor price action and manage risk.

Disclaimer: For educational purposes only. Trading involves risks; do your own research.