Nike Forecasting The Bounce Higher From Blue Box Area

In this technical blog, we are going to take a look at the past performance of the 1 hour Elliott wave charts of Nike ticker symbol: $NKE. In which, the rally from July 20, 2020 low ( $8830) showed an impulse rally higher favored more upside extension to take place. Also, the right side tag pointed higher & favored more strength. Therefore, we advised our members to buy the dips in Nike in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:

Nike 1 Hour Elliott Wave Chart

Nike 1 hour Elliott Wave Chart from 8/12/2020 Pre-Market update. In which, the stock is showing an impulse rally with extended wave ((iii)). Whereas wave ((i)) ended at $99.29 high. Wave ((ii)) pullback ended at $96.56 low and wave ((iii)) ended at $107.33 high. Down from there, Bitcoin entered wave ((iv)) pullback to correct the short term cycle from $96.56 low. The internals of that pullback unfolded as a double three structure where lesser degree wave (w) ended at $104.86 low. Wave (x) ended at $106.70 high and wave (y) was expected to reach the blue box area at $104.19- $102.64 100%-161.8% Fibonacci extension area of (w)-(x). From there, the stock was expected to resume for wave ((v)) or do a 3 wave reaction higher at least.

Nike 1 Hour Elliott Wave Chart

Here’s Latest 1 Hour Elliott Wave Chart from 8/18/2020 Post-Market update. In which, Nike is showing reaction higher taking place from the blue box area. Allowed members to create a risk-free position shortly after taking the long positions.