Shopping for New Shoes

Let's take a look at a new setup in Nike (NKE) after we look at an old one first on the weekly chart.

Quite some time ago I started watching NKE on the weekly chart. At that time there was a huge corrective decline that was extremely similar to a prior decline on that chart. This is illustrated on the chart when we saw a $14.88 decline into the March 2009 low that was very similar to the decline we saw into the June 2012 low. This symmetry, or similarity, held up, and a healthy rally was seen into the recent highs in this one May of this year. Almost two upside targets have been met. The next decision I'm looking at in this one is a Fibonacci price cluster of support on the daily chart. There is some shorter-term symmetry" on the daily chart setup now. Let's take a look at that next. ...320 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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