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Technical Analysis
Elliott Wave Analysis by EWF
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[QUOTE="Elliottwave-Forecast, post: 194189, member: 40858"] In this technical blog, we will look at the past performance of 4 hour Elliott Wave Charts of Nike ticker symbol: NKE, which we presented to members at the elliottwave-forecast. In which, the rally from 18 March 2020 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the stock & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below: [HEADING=3]NKE 4 Hour Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/04/NKE-25-Mar-4H.jpg'][IMG alt="NKE (Nike) Forecasting The Reaction Higher From the Blue Box Area"]https://elliottwave-forecast.com/wp-content/uploads/2021/04/NKE-25-Mar-4H-1024x512.jpg[/IMG][/URL] Above is the 4hr Elliott wave Chart from the 3/25/2021 update. In which, the stock ended the bigger wave ((3)) at $147.95 high in an impulse sequence. Down from there, the stock made a bigger pullback in wave ((4)). The internals of that pullback initially thought to be a flat structure where wave (A) ended in 3 waves at $128.91 low. Up from there, the wave (B) bounce ended in a lesser degree flat structure at $146.66 high and started the (C) leg lower in an impulse sequence. And managed to reach the $127.57- $115.77 100%-161.8% Fibonacci extension area of (A)-(B). From where buyers were expected to appear looking for more upside or for a 3 wave bounce at least. (It's important to note that with further data we were able to adjust the degree of a pullback to a double three instead of a flat correction lower). [HEADING=3]NKE Latest 4 Hour Elliott Wave Chart[/HEADING] [URL='https://elliottwave-forecast.com/wp-content/uploads/2021/04/NKE-4H.png'][IMG alt="NKE (Nike) Forecasting The Reaction Higher From the Blue Box Area"]https://elliottwave-forecast.com/wp-content/uploads/2021/04/NKE-4H-1024x525.png[/IMG][/URL] Here's the latest 4hr Elliott wave Chart from the 4/15/2021 update. In which, the stock managed to reach the blue box area at $127.57- $115.77 & showing a reaction higher taking place from the blue box area. Right after ending the double three correction within the blue box area at $124.84 low. Allowed members to create a risk-free position shortly after taking the long positions at the blue box area. However, a break above $147.95 high still needed to confirm the next extension higher & avoid double correction lower. Source: [URL]https://elliottwave-forecast.com/stock-market/nke-forecasting-reaction-higher/[/URL] [/QUOTE]
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