Vardhman Polytex Ltd

🔹 Structure Overview Prolonged downtrend from ~₹15.5 Consistent lower highs under falling trendline Recent strong bullish candle attempting trendline breakout Volume appears to be expanding on bounce This resembles a falling wedge / terminal decline structure. 🔹 Elliott Wave Interpretation Likely structure: Extended corrective wave (ABC or complex WXY) Final capitulation phase around ₹5.5–6 zone Now early impulse attempt (Wave 1 of reversal) If this is true, then: Current move = Wave 1 Pullback = Wave 2 Real acceleration would come in Wave 3 But confirmation is required. 🔹 Key Technical Levels Immediate Resistance: ₹7.80–8.00 (trendline + prior supply) Major Resistance: ₹9.50–10.50 zone Support: ₹6.20 Invalidation below ₹5.50 🔹 Breakout Conditions For this to turn structurally bullish: ✔ Weekly close above ₹8 ✔ Follow-through candle ✔ Higher low formation ✔ Volume expansion Without follow-through, this could become another bull trap.