NKE | Long Setup | Pullback targeting 3.5 Risk/RewardNIKE, Inc. Class BNYSE:NKEfelipegomesbwmNKE | Long Setup | Pullback Within Downtrend Targeting Fib 38.2% After a significant decline from the $68.50 swing high, Nike is approaching a high-confluence buying zone between $44.50 and $45.50 that deserves close attention. Context The price is currently more than 30% below the 200D SMA, suggesting the move may be overextended at this point. Rather than calling a reversal, this setup targets a technical pullback within the downtrend, with the natural objective being the 38.2% Fibonacci retracement of the $68.50 to $41.32 swing, which lands around $51.70. Why this zone? Price recently broke out of the AVWAP from the last overhead supply (highlighted in yellow), but then found resistance on the AVWAP from the last swing high (purple line). It will probably try to bounce around $45.90, but the better approach is to wait for a breakout retest around $45 and look for a setup there to go long. That retest area is where multiple POIs converge: Gap up low FVG (yellow highlighted area): $44.50 ~ $44.60 50% retracement from the new higher high AVWAP from the last swing low as support 8D SMA as support The more confluences stack in a single zone, the higher the probability of a meaningful reaction. Trade Plan Entry: $45.25 Stop Loss: $43.50 (below the FVG and confluence zone, with buffer against stop hunts near the 61.8% retracement) Take Profit: $51.00 - $51.90 (just before the 38.2% fib level) Risk/Reward: 3.3:1 to 3.8:1 Entry will be confirmed using a top-down approach: context read on the 65-minute chart and trigger execution on the 15-minute chart, reducing the risk of premature entries. Invalidation A daily close below $43.50 invalidates the setup, as it would break the entire confluence zone and suggest the downtrend is extending further with no structural support holding. Not financial advice. Trade your own plan.