⚡ Olectra Greentech: Descending Trendline Breakout Could Trigger the Next Bull Run

Olectra Greentech appears to be at a critical technical inflection point. After spending nearly two years consolidating below a major descending trendline, the stock is now attempting a decisive breakout near the ₹1,500 zone. A successful move above this long-term resistance could signal the start of a fresh expansion phase. 📈 Technical View 1. Elliott Wave Structure The powerful rally into the 2024 highs appears to have completed a major Wave-1 advance. The prolonged correction that followed has developed into a complex Wave-2 consolidation, helping absorb excess optimism and build a stronger base. The current breakout attempt above the falling trendline suggests the possible beginning of Wave-3, which is typically the strongest and most explosive phase of an Elliott Wave cycle. 🏢 Fundamental Strength The technical setup is supported by strong structural business drivers: ✅ One of India's leading electric bus manufacturers. ✅ Strong positioning in the rapidly growing EV and public transportation segment. ✅ Beneficiary of government electrification initiatives and sustainable mobility policies. ✅ Growing order book visibility supporting future revenue growth. ✅ Improving scale and operational leverage as EV adoption accelerates. 🎯 Key Levels to Watch Major Breakout Zone: ₹1,450–1,500 Immediate Support: ₹1,350–1,400 First Upside Target: ₹1,600–1,650 Extended Fibonacci Targets: ₹1,825 (2.618 Extension) ₹2,050 (3.618 Extension) ₹2,185 (4.236 Extension) Risk Management: A sustained move back below the breakout trendline would weaken the bullish structure.