Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts of NIKE $NKE stock , presented in members area of the of our website. As our members know, NIKE has been showing higher high bullish sequences in the cycle from the 82.14 low. Consequently , we recommended members to avoid selling the stock and keep favoring the long side toward 102.69-111.27 area . Recently we got nice 3 waves pull back that unfolded as Elliott Wave Double Three Pattern. The stock found buyers and made rally toward new highs. In further text we are going to explain Elliott Wave Forecast and Double Three Pattern.
Before we take a look at the real market example, let’s explain Elliott Wave Double Three pattern.
Elliott Wave Double Three Pattern
Double three is the common pattern in the market , also known as 7 swing structure. It’s a reliable pattern which is giving us good trading entries with clearly defined invalidation levels.
The picture below presents what Elliott Wave Double Three pattern looks like. It has (W),(X),(Y) labeling and 3,3,3 inner structure, which means all of these 3 legs are corrective sequences. Each (W) and (Y) are made of 3 swings , they’re having A,B,C structure in lower degree, or alternatively they can have W,X,Y labeling.
NIKE Elliott Wave 1 Hour Chart 11.10.2021
The stock has made 5 waves up in the rally from the 88.71 low. Currently NIKE is doing (B) blue correction that is unfolding as Elliott Wave Double Three Pattern with WXY red inner labeling. First leg W is showing corrective sequences – 3 waves down ((a))((b))((c)). Then we got 3 waves bounce in X red finally doing Y red that also should have corrective sequences. We expect buyers to appear soon and to get another leg up. It’s important that 88.71 pivot holds for a proposed view.
You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.
NIKE Elliott Wave 1 Hour Chart 11.11.2021
The stock completed wave (B) blue pull back as a clear 7 swing pattern. The buyers appeared and we got rally toward new highs. NIKE should ideally keep find buyers in 3,7,11 swings. We expect further strength toward our proposed target 102.69-111.27 area.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.
Source: https://elliottwave-forecast.com/elliottwave/nike-nke-elliott-wave-double-three/