Hello fellow traders. Another instrument that we have been trading lately is NIKE stock. In this technical blog we’re going to take a quick look at the Elliott Wave charts of NIKE, published in members area of the website. As our members know, NIKE had incomplete bearish sequences in the cycle from the 01/21 peak, targeting 74.47-61.76 area . Consequently, we advised members to avoid buying NIKE and keep on selling the rallies in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading strategy.
NIKE 4 Hour Elliott Wave Analysis 3.10.2020
Break of 02/28 low made NIKE stock bearish against the 94.99 peak . Cycle from the January 21st peak looks incomplete now, calling for further weakness. We don’t recommend buying NIKE in any proposed recovery. Strategy is waiting for the clear 3 waves bounce and then sell the Index in 3,7,11 swings when get chance.
NIKE 1 Hour Elliott Wave Analysis 3.10.2020
NIKE is correcting the cycle from the 94.99 peak. At this stage bounce looks incomplete. We got 5 waves up from the low, assuming we have ended only first leg of recovery. We expect to see another leg up toward 87.79-91.38 (sell area). At the marked blue box sellers should ideally appear for proposed decline or 3 wave pull back alternatively. We don’t recommend buying NIKE in proposed leg up, and favor the short side – selling the index in the blue box.
NIKE 1 Hour Elliott Wave Analysis 3.10.2020
NIKE made expected leg up and reached selling area at 87.79-91.38( marked blue box). We like to be sellers there for proposed decline or 3 waves pull back at least.As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. H1 Trend is bearish and we expect to see sellers in the blue box for further decline or 3 waves pull back at least. As soon as the pull back reaches 50 fibs against the B red low, we will make short positions risk free. Invalidation level for sellers is break above 1.618 fib extension: 91.38.
NIKE 1 Hour Elliott Wave Analysis 3.12.2020
Sellers appeared right at the blue box and we got nice decline. The price has already made new low, confirming (C) wave is in progress. Wave (B) blue recovery completed at 88.4 high and stock is now bearish against that level, targeting 74.47-61.76 area.
It’s crucial to fully understand our official strategy: trading the equal legs and sequences in 3,7,11 swings. Combined with Trend Trading it gives you very powerful system that protects your account and makes you profit. If not already familiar with this strategy, all you have to do is to sign up for 14 days Free Trial and watch our Free Educational Video in membership area. If still having some questions after watching it, feel free to let us know and we will help. You can ask questions in 24 Hour Chat Room and in Live Analysis Sessions.
Elliott Wave Forecast