Nike Ticker symbol: NKE short-term Elliott wave view suggests that the pullback to $75.06 low ended intermediate wave (2). Above from there, the stock has rallied to new all-time highs confirming the next leg higher in intermediate wave (3). The internals of intermediate wave (3) higher is unfolding as Elliott wave impulse structure with the sub-division of 5 waves structure in lesser degree cycles.
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. Also, it’s important to note here that instrument is showing bullish sequence tag & right side is calling for more upside, therefore, our preference remained buying the Minor wave 2 dip in 3, 7 or 11 swings against $75.06 low.
Below is the 1-hour NKE Chart from 9/04/2018 Pre-open update, in which the stock was expected to do a 7 swing correction lower as double three structure within Minor wave 2 pullback. Where Minute wave ((w)) of 2 ended at $81.01, Minute wave ((x)) ended at $82.25 high. Down from there, Minute wave ((y)) was expected to extend lower towards $79.58-$77.93 100%-161.8% Fibonacci extension area of Minute wave ((w))-((x)) to complete the Minor wave 2 pullback and provide members a buying opportunity.
NKE 1 Hour Elliott Wave Chart From 9/04/2018
Here’s 1-hour recent NKE Chart from 9/11/2018 Post-Market update, showing the instrument reaching the blue box area & ending Minute wave ((y)) of 2 at $78.78 low, after reaching $79.58-$77.93 100%-161.8% Fibonacci extension area of Minute wave ((w))-((x)). The instrument so far has bounced strongly higher allowing our member’s to create a risk-free position (stop loss on entry level). However, a break above $83.68 Minor wave 1 high remains to be seen for final confirmation of next extension higher & to avoid double correction lower in Minor wave 2 pullback. We don’t like selling it and prefer staying long from $79.58 100% ext area with a risk-free position.
NKE 1 Hour Elliott Wave Chart 9/11/2018
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