Nike Wave Analysis – 20 August, 2020

• Nike broke multi-month resistance level 104.50

• Likely to rise to 110.00

Nike recently broke above the key multi-month resistance level 104.50 (which has been reversing the price from the middle of January – as can be seen from the daily Nike chart below).

The breakout of the resistance level 104.50 accelerated the active different-length impulse waves 3 and (3).

Given the clear multi-month uptrend – Nike is likely to rise further toward the next round resistance level 110.00 (target price for the completion of the active impulse wave 3).