Nike (NKE Stock) forecasting: The reaction higher from the blue box area

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:

NKE 4 hour Elliott Wave chart

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).

NKE latest 4 hour Elliott Wave chart

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.