Nike Wave Analysis – 6 January, 2022

• Nike broke key support level 162.90

• Likely to fall to support level 155.00

Nike recently broke key support level 162.90 (low of the previous correction A) intersecting with the 50% Fibonacci correction of the previous upward impulse from December.

The breakout of the support level 162.90 should accelerate the active ABC correction (2) from last month.

Nike can be expected to fall further toward the next support level 155.00 (which stopped the previous wave (C) in December).