Nike - Bottom or ABC?

8 sept. 2023

Nike is close to an important level which will determine if a bottom formation is completed or a further slump will occur. Currently a DBW formation is build after almost perfect a Dopple Top Formation has been finished. Currently we are close to the 4 level, the current local low. The RSI is close to oversell, which support the turn around idea, which may result into a W formation whose execution would probably trigger the 5 and the DBW activation. On the bearish side a potential running ABC pattern can be found fitting perfect into the chart and the Fibonacci patterns.