Price reacted as expected from the mid-term resistance zone outlined in early July, pulling back toward the initial macro support targets at 74–68.
Given the structure of the decline, I consider the move from the July highs to be only the first leg of a broader correction, with potential for a bounce followed by another leg lower, deeper into the macro support zone.
Chart: tradingview.com/x/X5BEwnn5/
On mid-term resistance (Jul 29): tradingview.com/symbols/NYSE-NKE/minds/?mind=rNgtqMseRIOGy6JzaX7fnQ
On mid-term support (Jul 13): tradingview.com/symbols/NYSE-NKE/minds/?mind=cbDRKFMOT3Op6kXWVbXAig
On bullish potential (Jul 1): tradingview.com/symbols/NYSE-NKE/minds/?mind=vX_ApXcUSmuqYT3-464aqQ
On macro-bottoming potential in Apr:
Idea: NKE: Macro structure [Monthly …
