Nibe Ltd – Elliott Wave Update
Nibe Ltd has reversed decisively from the 78.6% Fibonacci retracement, completing a textbook ABC corrective structure. The reversal was accompanied by clear bullish divergence on RSI and MACD, confirming exhaustion of the corrective phase.
Following the reversal:
Wave 1 of the new impulsive structure is complete
Wave 2 has unfolded as a shallow, time-wise correction
Price is now trading in Wave 3, supported by expanding momentum and rising volume
As long as price holds above the recent swing low (~₹1,030), the impulsive structure remains valid. Momentum indicators continue to support further upside, suggesting the trend is in an acceleration phase rather than exhaustion.
Trend Bias: Bullish
Structure: Impulsive (Wave 3 in progress)
Minimum Target: ₹1,700
Invalidation Level: Below the Wave-2 low
Nibe Ltd has reversed decisively from the 78.6% Fibonacci retracement, completing a textbook ABC corrective structure. The reversal was accompanied by clear bullish divergence on RSI and MACD, confirming exhaustion of the corrective phase.
Following the reversal:
Wave 1 of the new impulsive structure is complete
Wave 2 has unfolded as a shallow, time-wise correction
Price is now trading in Wave 3, supported by expanding momentum and rising volume
As long as price holds above the recent swing low (~₹1,030), the impulsive structure remains valid. Momentum indicators continue to support further upside, suggesting the trend is in an acceleration phase rather than exhaustion.
Trend Bias: Bullish
Structure: Impulsive (Wave 3 in progress)
Minimum Target: ₹1,700
Invalidation Level: Below the Wave-2 low
Trade active
Previous Gap is filled, best level for accumulation is 1240 now.Trade closed: target reached
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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.