SUMMARY
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And yet another chart that shows a topping process. A top is not an event but a process; the same for a corrective bottom. Nike (NKE) has risen in five waves and thereby generating billions in profits for shareholders. However, is this sustainable? Chart shows that price is approaching wave 5 (red circle).
Note how the MACD has made lower highs while price has made higher highs. This is a bearish divergence and pretty much saying that this bullish impulse run is running on fumes. The subwaves of red wave 5 shows that white wave 3 is nearly or already complete and so waves 4 and 5 should complete the sequence. The tippy top is likely approaching. Is this the time to be an exhuberant buyer or a profit taker?
From a pattern perspective, there connection of the tops and bottoms of price bars show a potential for a bearish wedge to be in formation (white). This coupled with the bearish dievergence formulates to an impending correction. Caution and risk management should always be at forefront of any trader or investor.
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Elliott Wave Counting Tutorial #1
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
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Essay: Is Technical Analysis a Quantum Event?
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