Sunday, November 6, 2022 12:04 PM EST
Good day Traders and Investors. In today’s article, we will look at the past performance of 4 Hour Elliottwave chart of Nike Inc. (NKE). The decline from 08.16.2022 high unfolded as 5 swings which created a bearish sequence in the 4H timeframe. Therefore, we knew that the structure in $NKE is incomplete to the downside & should see more weakness in 3 or 7 swings against 08.16.2022 peak. So, we advised members to sell the bounces in 3, 7, or 11 swings at the blue box area. We will explain the structure & forecast below:
$NKE 4H Elliottwave Chart 10.31.2022:
(Click on image to enlarge)
Here is the 4H Elliottwave count from 10.31.2022. The decline from 08.16.2022 unfolded in 5 waves breaking below 07.01.2022 low creating a bearish sequence. We were calling for the bounce to fail in 7 swings at black ((Y)) of IV where we like to sell it at the equal legs at $96.24 with a stop at $102.91.
$NKE Latest Elliottwave Chart:
(Click on image to enlarge)
Here is the 11.02.2022 4H update showing the move taking place as expected. The stock has reacted lower from the blue box to reach the 50% back from black ((X)) allowing any shorts to get risk free shortly after taking the position.
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