If the trend line can still support the price, a new wave can be formed.
If the trend line is broken, the drawn boundaries can be considered as the end of correction.
Therefore, breaking the trend line and the support range can be considered as a stop loss.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.