Nike ticker symbol: $NKE short-term Elliott wave view suggests that the decline to $75.06 low ended intermediate wave (2). Above from there, the stock has rallied to new all-time highs confirming the next extension higher in intermediate wave (3) higher. The internals of intermediate wave (3) is unfolding as Elliott wave impulse structure with the sub-division of 5 waves structure in lesser degree cycles. Also, it’s important to note here that instrument is showing bullish sequence tag & right side is calling for more upside, therefore, selling is not recommended.
Up from $75.06 low, the rally higher to $78.44 high ended Minute wave ((i)) in 5 waves structure. Below from there, the pullback to $75.43 low ended Minute wave ((ii)) pullback. Then the rally higher to $81.25 high completed the Minute wave ((iii)) is lesser degree 5 waves structure. Down from there, a pullback to $79.12 low ended Minute wave ((iv)) as a zigzag structure. Finally a rally higher to $83.68 high ended Minute wave ((v)) in 5 waves and also completed Minor wave 1.
Currently, the stock is doing a Minor wave 2 pullback & reached the blue box at $81.46-$80.45 100%-161.8% Fibonacci extension area of ((w))-((x)) to end the correction against $75.06 low. And as far as a pivot from $75.06 low stays intact soon the stock is expected to find buyers for new highs or for 3 wave bounce at least. We expect buyer’s to appear in 3, 7 or 11 swings against $75.06 low in the first degree.
Nike 1 Hour Elliott Wave Chart
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