$NKE TOP 20
Added 2023-05-29 07:50:20 +0000 UTCWhat's happening here with $NKE is almost a paradox, the more it pulls back, especially to the 0.618 Fib at $100, the more likely the entire structure is an impulse wave and not a corrective wave.
When $NKE pulled back to the 0.38 Fib and bounced, it was following the corrective wave ABC count in red nicely....however this pull back now, although still valid as a corrective wave, is pulling back to the 0.5 Fib right now and potentially down to $100 at the 0.618 Fib, these are typically the levels you would find a pull back for a Wave 2 impulse wave and not a corrective wave....
To sum this up, I am expecting a bounce in both cases, whether it's an impulse ot corrective wave, it has held the 0.5 Fib at $106 very well so far and even if it comes down to the 0.618 Fib at $100, I do not expect this to go any lower.....if it does, then the structured is becoming weaker and we may be on a fast track route to Wave C in red level. I will monitor the bounce to see if we are in a Wave 3 count next instead of Subwave C.
My plan here, if it can hold this level or the $100 level, I will consider adding again here.
