NIKE steps into final stages of a three-year correction

Gregor Horvat Wavetraders

NIKE has been trading bearish for the last three years, but we see it trading in a larger A-B-C correction, which can be finally coming to an end in 2025. We are actually tracking final stages of wave C of an ending diagonal/wedge pattern, where final subwave (5) can be in progress. Ideal support comes at COVID 2020 lows and 60 area, where we also see a target of an equal wave length of waves A=C. Even RSI is looking to retest the lower side of range before we will see a rebound and bullish reversal in 2025.

NIKE weekly chart

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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