Nike Inc (US: NKE) has completed the impulse wave (5) cycle of the intermediate phase and current downside move is potentially on wave (A). Based on the technical, the upside will resume to complete the 2^nd leg of wave (B).:

1. There is a bullish pin-bar formation at the immediate support zone, which is seen as a potential bottom after a gapped up in June 2021.
2. RSI have dipped into the oversold level and is trending at 21.10 RSI number. Should the upside confirms the bullish pin bar today, then RSI will turned up and resume back to the 40 line.
3. Despite trending below the 63 and 22-MA, prices remain elevated above 200-MA.

*Expected timeline of the trade is 15 weeks from the date of report issuance.

CHART LEGEND

Moving Average

Red dotted line = 200 Periods MA

Blue dotted line = 63 Periods MA

Green dotted line = 22 Periods MA