I have 2 possible counts for Nike.
The first count in blue indicates is an extended W3 to the 2.618 level with a current W4 in progress. We are right around the 23.6 retracement for W4. A shallow W4 retracement makes sense due to our extended W3, and the RSI and Stoch RSI on the daily chart are both oversold. This setup looks primed for a reversal to finish a W5 which, if extended to 38.2% above the W3 high, would result in a final projection of around $175 by March 23.
The second cound in white models the beginning of a new cycle (follwing on from the completion of the first cycle in orange). This count indicates a wave 2 retracement which has nearly reached the 61.8% pull back, and is ready for a reversal for wave 3 which would take
NKE to $177 by march 23.
Both counts indicate a reversal, and the RSI/Stoch RSI support this thesis. The pitchfork created by connecting the March lows to the June highs and the June lows gives a channel with multiple reactions off the median, the 1 and the 1.618 lines. The current price is right at the 1.618 line where it has bouin ed previously on Sept 22/23 and Oct 30. The price is also at the 4Hr 200 EMA and 200 MA support currently.
This gives us 2 wave counts (blue W4 and white W2), the RSI/Stoch RSI indicator, the Pitchfork support and the 4Hr 200 MA/EMA support all indicating a trend reversal.
This projection is invalidated if the price falls below $120. The price target in the mid term is $175 by end of march.
The first count in blue indicates is an extended W3 to the 2.618 level with a current W4 in progress. We are right around the 23.6 retracement for W4. A shallow W4 retracement makes sense due to our extended W3, and the RSI and Stoch RSI on the daily chart are both oversold. This setup looks primed for a reversal to finish a W5 which, if extended to 38.2% above the W3 high, would result in a final projection of around $175 by March 23.
The second cound in white models the beginning of a new cycle (follwing on from the completion of the first cycle in orange). This count indicates a wave 2 retracement which has nearly reached the 61.8% pull back, and is ready for a reversal for wave 3 which would take
NKE to $177 by march 23. Both counts indicate a reversal, and the RSI/Stoch RSI support this thesis. The pitchfork created by connecting the March lows to the June highs and the June lows gives a channel with multiple reactions off the median, the 1 and the 1.618 lines. The current price is right at the 1.618 line where it has bouin ed previously on Sept 22/23 and Oct 30. The price is also at the 4Hr 200 EMA and 200 MA support currently.
This gives us 2 wave counts (blue W4 and white W2), the RSI/Stoch RSI indicator, the Pitchfork support and the 4Hr 200 MA/EMA support all indicating a trend reversal.
This projection is invalidated if the price falls below $120. The price target in the mid term is $175 by end of march.
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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.