The Long Investor

$NKE TOP 20

Added 2023-05-21 17:28:06 +0000 UTC

So we made an assessment during the week after this broke down into the larger bull flag, that it would likely come down to the 200 Day MA and be part of a larger ABC count. So far, this is exactly what has happened, it has just held at the 200 Day MA on Friday, we want this to find support here, if it goes below the 200 Day MA, the structure becomes a lot weaker and the last line of defence for this structure would be the yellow trend line support of the bull flag.

In the small wave (c) count, I am seeing 5 waves now, the RSI is at 30 and the MACD is showing extended to the downside, and at the 200 Day MA, so this is a prime position to see a reversal.

So What Now?

I like the structure here and has not given us any surprises in a number of months now, so I would like to see this continue.