The Long Investor

$NKE TOP 20

Added 2024-10-02 13:02:47 +0000 UTC

$NKE issued their earnings report yesterday and it was a mixed release

Beat on EPS but slightly missed on revenue.....guidance was that the new CEO needed time to make an impact and FY guide was withheld....which I believe is fair

The market did not like that......the market doesn't like uncertainty....but this is only a short term movement

Let's look at where the PM price is?

Right at the 0.618 Fib at $82, which is also the blue line (the blue line is the support level found for Wave A during the corrective wave)...so this is a confluence level.

We are looking for a hold here, failing this and the 50 Day MA is at the 0.78 Fib, this large flush down did not allow the 50 Day MA to get to the 0.618 Fib in time.

So these are the two levels to watch for, a hold on either level and this is a good signal that the impulse wave is intact.