NikeLong
Bullish Monthly chart
Updated
Completed shark harmonic, bullish divergence on the MACD, Williams% r is bottomed out, Gap filled from covid lows, Large position initiated.
Note
The zoom out appears very similar to a prior point in history.both are approximately an equally % below the 200 week SMA as well.
Note
Here we can see that in the past, nike peaked before the spx bubble popped in the year 2000.it has peaked in 1997. It then corrected during the final bull phase of the spx500.
once spx had roughly peaked, Nike had bottomed.
similar to Nike current peak in 2021, and now bottomed in 2024.
With SPX also likely near its bubble top with all the AI enthusiasm and other garbage like crypto floating around like turds.
anyway.
the SPX bear market could potentially be significantly outperformed by this consumer staple (yes i believe shoes are a staple) brand.
Note
I will leave this next chart unmarked, as its obvious that we are closer to the bottom of the range than the top. These two companies oscillate with each other, and when it reaches the top of the range i would likely look to sell NIKE for SKETCHERS.Note
Nike vs ASICS another competitor, also bottom of the macro range.Note
To be clear, I do not think NIKE will be making new all time highs any time soon.I find it more likely that we have deviated below a range that will be respected between the 236 and the 786 fib lines. For years.
it could look similar but not exact as the fractal I placed in.
I plan on selling at 140-150 (overvalued), and looking to rebuy at 90-100 (slight discount)
Right now at 72-73 Nike feels like money being left on the table. and frankly, I am all in.
Note
Breakout likely occurs in next 30 minutes or tomorrow.Note
Market crash delayed, but breakout has occured. congrats.Note
Still good
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