Learn English – have been + V ing vs have been + V ed

"Have been reading" is in the present perfect continuous tense. The present perfect and present perfect continuous do not require that the action has been completed. This tense is actually used to describe actions in the past that have a connection to the present. Either the action has been completed (approximately) now or it will continue — both options are possible.

The presence of for does not change the entailments of the present perfect progressive. I could say either of the following:

1. I have been reading this book for hours, and I will keep reading until bedtime.
2. I have been reading this book for hours, but now I'm watching TV.

In (1), the context says that the action is continuing, while in (2), the action has stopped. The pres. perf. continuous works in both cases. The common thread is that, in both sentences, the act of reading is described with respect to the present time.

One other thing: you might notice that the present perfect construction "have read" that you have in your example is not forming a connection to the present, but rather forming a connection to a future time. This is because of something special about when clauses that refer to the future, wherein the form is present tense (in this case present perfect), but the meaning is like the future tense (in this case future perfect: "will have read").

In "I've been waiting for you for seven years" the focus is on the act of waiting. Maybe you want to emphasise how long seven years is, or make the listener understand how patient you have been.

In "I've waited for you for seven years" the focus is on the result of the wait. Now, perhaps you want to emphasis that the wait is over, or you are unwilling to wait any longer, or you are really angry now.

This gives a quick overview.