Ascending Channel Breakout Attempt – Defensi🔹 Structure Overview

Price has been respecting a rising parallel channel since May 2025. Multiple touches on lower trendline (~₹680–700 zone) Repeated rejection near upper channel (~₹780 zone) Now price is testing channel resistance again This is not a random move — It’s a volatility contraction inside a steady institutional accumulation structure. 🔹 Elliott Wave Perspective Likely structure: Wave 1: ₹600 → ₹740 Wave 2: Pullback to ₹680 Wave 3: Expansion toward ₹780 Wave 4: Sideways compression Wave 5: Current breakout attempt If this is Wave 5 inside channel: Measured move aligns near ₹850–860. However — wave 5s in FMCG are usually slower, not explosive. 🔹 Momentum Observation Price behavior: ✔ Higher lows ✔ Higher highs ✔ Strong bullish candle at resistance ✔ No immediate supply rejection This indicates supply absorption at ₹780. If daily close sustains above ₹800, channel breakout confirmed. 🔹 AVWAP / Value Zone Anchored from October swing low: Value cluster lies near ₹730–740. As long as price holds above ₹740, structure remains intact. 🔹 Risk Zones Immediate Support: ₹760 Major Support: ₹740 (channel midline / value area) Structural Failure: Close below ₹720