NSE ABFRL has been forming into the corrective formation for more than 15 weeks. This manner of the price is corrective because it is falling steeply into the channel.
As per the rule of the channel, the corrective wave respects the channel because they don’t have the power to break out from the parallel lines. The impulse breaks the channel, whereas the correction forms within it.
Currently, the price has accomplished wave 5 of wave (C) at 240, and the price started lifting near the upper band of the regression channel. This breakout can be a holy grail for bulls to reach near wave (B). Safe traders can wait for the retracement to ride the impulse.
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No need to panic because there wasn't a confirmation of entry. Price couldn't break out the channel and even touch the upper band after the retracement.
As I mentioned earlier, "This breakout can be a holy grail for bulls to reach near wave (B). Safe traders can wait for the retracement to ride the impulse."
However, I apologize for the wasted time you spent waiting for the stock to break out.
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