Nike tends to have corrective phases every now and then. We are now seeing one of the biggest corrections to date. We could be correcting in excess of 50% which would put us in a great position to buy Nike for the longer term.
Nike is the world's largest supplier of athletic shoes and apparel and a major manufacturer of sports equipment, with revenue in excess of US$46 billion in its fiscal year 2022.
In other words, its very unlikely that Nike will go bust and so any dips should be seen as a buying opportunity.
Our first point of interest is the structure level at 80. Ideally we break below that in accordance Elliott Wave Theory. We want to see wave C go below wave B.
Our ideal buy zone is the 60 level where we have the -27 fib extension. Once we come towards that region, we'll be looking for any bullish price action indicating a reversal and the start of the next massive bullish leg. If we go even lower than 60, then it's more of a reason to buy and load up!
We're looking for targets of atleast 200% as first targets. This trade is one to hold for the long term.
What do you guys think?
Goodluck and as always, trade safe@
Nike is the world's largest supplier of athletic shoes and apparel and a major manufacturer of sports equipment, with revenue in excess of US$46 billion in its fiscal year 2022.
In other words, its very unlikely that Nike will go bust and so any dips should be seen as a buying opportunity.
Our first point of interest is the structure level at 80. Ideally we break below that in accordance Elliott Wave Theory. We want to see wave C go below wave B.
Our ideal buy zone is the 60 level where we have the -27 fib extension. Once we come towards that region, we'll be looking for any bullish price action indicating a reversal and the start of the next massive bullish leg. If we go even lower than 60, then it's more of a reason to buy and load up!
We're looking for targets of atleast 200% as first targets. This trade is one to hold for the long term.
What do you guys think?
Goodluck and as always, trade safe@
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