NKE wyckoff accumulation

appears to be in an wyckoff accumulation pattern. Question for me is whether we will get another spring test or not. Keeping my eyes on possible sweep of the lows before uptrend starts.

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Spring taking place here?

Nothing wrong with a weekly candle touching the bottom of the pennant. If it does a fake-out upwards out of the pennant, why can't it do one to the downside? Doesn't mean structure is gone. Just means there are shake-outs. Questions is what are we trying to achieve with shaking people out? If we could answer that with 100% certainty, we would all be millionaires. Best thing you can do here is stay calm and zoom out.

Meanwhile Twitter and the media are falling over bad results and debating whether the brand will ever be competitive again. Trade what you see, not what you think.

Note

We still have that "sweep" level I marked on the chart. But I would prefer to not see price go there. Instead, I would prefer to see some rounded bottom forming here instead. That would make me more confident of this thesis I'm sharing.

Note

NKE going deeper than I planned on here. 2W RSI for NKE is now at a level not seen since the 80's. It doesn't necessarily change my view here. This is a HTF perspective, and thus allows for shorter term shenanigans. That is if this turns out to be a short term drop to the $50 area.

Not that this $50 area is also the low end of a very HTF upwards channel. Let's see how price behaves from here. US economy is not favorable right now, but I still like this chart when looked at from an individual perspective.

Martechnic

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Martechnic