Nike Elliott Wave View: Further Upside Expected.

Hello Traders,

NKE short-term Elliott wave analysis suggests that the pullback to $78.78 low ended red wave 2 pullback. Up from there, it ended red wave 3 at 09/21 peak (86.26). The Internals structure unfolded as a 5 waves Elliott Wave structure with a extend wave ((iii)). It ended black wave ((i)) at 09/04 peak (81), wave ((ii)) pullback at 09/05 low (78.78). Above from there, it ended the extended wave ((iii)) at 09/19 peak (86.09). Below from there it ended black wave ((iv)) pullback at 09/19 peak (84.40) and above from there it ended black wave ((v)) of red wave 3 at 09/21 peak (86.28).

Down from there, we are calling red wave 4 pullback complete at 09/25 low (80.69). The internals of that pullback unfolded as an Elliott Wave ZigZag structure which ended black wave ((a)) at 09/24 low (84.15), black wave ((b)) pullback at 09/25 peak (85.24). Below from there, it ended black wave ((c)) of red wave 4 at 09/25 (80.69).

As long as the pivot at 78.78 stays intact we expect NKE to extend higher and we don’t like selling it because the right side is to the upside.