NIKE inside an ascending channel. Potential for another wave

Today we will share an analysis of NKE. This can be used as a curiosity or to create a setup with an appropriate Risk Reward Ratio towards the Target.

Main items we can see on the chart:

a) The price is inside an ascending channel providing a bullish context

b) Currently, we can see a clear corrective structure with similar proportions as the previous one

c) Using Elliott Wave theory we can make a count 1234, and we expect 5 to come (Remember that Elliott defined that 5 waves will compose any impulsive movement)

d) We expect a bullish movement towards the higher zone of the ascending channel

e) Also, we have an invalidation level in case the price does not go in the expected direction

f) Remember: Trade safe, protect your capital, and always understand what you are doing!