Mar. 22 at 2:19 PM
$NKE: THE GRAND FINALE IS OVER 🚨
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The multi-decade Elliott Wave impulsive structure is COMPLETE. Wave 5 topped at the 100% extension, and what follows is never pretty.
THE DAMAGE:
Weekly close at
$52.37 📉
Broke BELOW the multi-year trendline support
Lost the critical 0.618 retracement at
$70.41
Currently sitting at 52-week LOW:
$52.17
This is NOT a dip. This is a macro trend shift. The structure screams sustained weakness unless we reclaim
$81.16.
We are now trading inside the macro retracement range. Until that key level flips, every bounce is a distribution event.
Bulls need to show something FAST. Otherwise, the next leg down targets the 78.6% level.
