Elliott Wave View: Nike Impulsive Rally Favors More Upside

Short Term Elliott Wave View in Nike (NKE) suggests the pullback to $128.91 ended wave ((4)). Internal of wave ((4)) unfolded as a Flat where wave (A) ended at 138.32, wave (B) ended at $147.90, and wave (C) ended at $128.91. The stock has resumed higher in wave ((5)), but it still needs to break above wave ((3)) at 147.95 on December 21, 2020 high to avoid a double correction.

Up from wave ((4)) low at $128.91, wave ((i)) ended at $136.37, and pullback in wave ((ii)) ended at $132.15. Stock then resumes higher in wave ((iii)) towards $140.06, and pullback in wave ((iv)) ended at $138.01. Expect the stock to end wave ((v)) of 1 soon, then it should pullback in wave 2 to correct cycle from January 28 low before the rally resumes. Internal of wave 2 pullback is proposed to be unfolding as a zigzag in 3 waves before the rally resumes. As far as pivot at $128.91 low on January 28 stays intact, expect dips to find support in 3, 7, or 11 swing for further upside. Potential target higher for wave ((5)) is 1.236 – 1.618 external retracement of wave ((4)) which comes at 152.3 – 159.5