Nike: Wave 5 is entering my long-term entry zoneNIKE, Inc. Class BBATS:NKEgrogo_ Nike’s latest results gave sellers more ammunition. Revenue fell 4%, while Greater China was down 26% in constant currency. The stock has now dropped below the 0.786 retracement at $37.32. My count places Nike in the final fifth wave of C, completing a larger wave II correction. Bad news and heavy selling often feel most convincing at this stage. That makes the area interesting, but it does not tell me the low is in. The 0.887 retracement at $19.71 remains a deeper level on the chart. I’m watching for the decline to settle and for a base to form. If the price responds well, I’ll consider my first tranche. I’m not calling a bottom while the stock is still falling.