Short term Elliott Wave view on Nike (ticker: NKE) is calling the rally from August 5, 2019 low (78.19) as a 5 waves impulse Elliott Wave structure. The chart below shows wave ((iii)) of the impulse ended at 89.35, and wave ((iv)) pullback ended at 86.54 as a symmetrical triangle. The stock then extended higher in wave ((v)) with internal as an impulse of lesser degree.
The stock is currently pulling back in wave 2 to correct the entire rally from August 5 low before it resumes higher. Wave 2 pullback unfold in 3, 7, or 11 swings. After finishing red wave 2 pullback it is expected to extend higher.
The stock is currently pulling back in wave 2 to correct the entire rally from August 5 low before it resumes higher. Wave 2 pullback unfold in 3, 7, or 11 swings. After finishing red wave 2 pullback it is expected to extend higher.
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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.