Waiting List (WL): If the passenger status is marked as WL followed by a number then the passenger has a waitlisted status. This can get confirm only if the passengers who have booked before you for the same journey cancel their ticket.
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If you are on board a train with waitlisted ticket or RAC ticket, getting it confirmed is easier than before. Even if you have not booked a ticket due to unavailability of a confirmed seat, you will be able to check the positions of vacant seats after the chart preparation.
A confirmed reservation is one for which a passenger name record (PNR) has been created; however, holding a confirmation number doesn't mean you've actually been ticketed. Until you have a ticket number, your reservation remains in limbo.
No you can not convert you E-ticket to counter ticket and board the train. Waiting E-ticket is not allowed to board the train and it will get cancelled after chart prepared. What happens if a waiting list e-ticket does not get confirmed?