SUMMARY
Here is NIKE's weekly chart and five waves are counting very easily and crisply. The blue 5 is either done or about to be soon complete. What happens after five waves are complete? A requisite correction. The MACD is showing a near overbought stage and that's not very bullish at all.
I've added the subwaves for blue 5. It's about done with 4 and 5 (white) waves remaining. There is likely a sizable ABC crash correction coming for NIKE and this decline could be scary and severe. Who know what fundamental event or news might be used as the cause; however, news or events will arrive to justify the forecast. The MACD could rise a bit more; but beward of the coming crash. Is this the time to be taking BUYING or profit SELLING actions for NIKE?
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Elliott Wave Counting Tutorial #1
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