($NKE) Daily: Nike
after enjoying a HUGE run up to this point, appears to be finally catching up to the overall weakness in the retail industry. We can see from this daily chart
, that it started to make a series of lower lows and lower highs after posting an all time high in price around December of 2015. The stock could have moved higher after this corrective move, at November of 2016, but instead, resumed another downturn, unable to yet again make higher highs than its previous peak. We can see here that it retraced back 50% of the initial corrective wave (Wave 2, in Green) and is continuing on downward. Now, this can be a large corrective wave, after which Nike
can move higher, forming another bullish
motive wave, or this can be a start of a multi-year trend reversal and start of a bearish
cycle for the company. Key level at this point would be $49, and breaking below would mean the stock has indeed posted yet another lower low, and expected to resume a move lower at that point. As always, keep eye in the RSI
for direction and strengh of price movements.