Elliott Wave View: Nike continues to make All Time High

Short term Elliott Wave view on Nike (ticker: NKE) is calling the rally from August 5, 2019 low (78.19) as a 5 waves impulse Elliott Wave structure. The chart below shows wave ((iii)) of the impulse ended at 89.35, and wave ((iv)) pullback ended at 86.54 as a symmetrical triangle. The stock then extended higher in wave ((v)) with internal as an impulse of lesser degree.

The stock is currently pulling back in wave 2 to correct the entire rally from August 5 low before it resumes higher. Wave 2 pullback unfold in 3, 7, or 11 swings. After finishing red wave 2 pullback it is expected to extend higher.