Shares of Nike (NKE) have been falling since the end of 2015. The weekly chart below shows a year-long consolidation that appears to be completing an ABCDE falling wedge.Nike weekly chart(click to enlarge)Falling wedge:- The weekly chart shows that price action since late 2015 has been bearish and in the structure of a falling wedge.- The wave count suggests a completed abcde pattern. With Elliott Wave lens, we would consider this a completed cycle of correction.- Why is this a correction and not a trend? Again from an Elliott Wave perspective, we would say that the structure of the decline since late 2015 is choppy vs. the rally heading into 2015. Support around 47.50:- Price is cracking the 50.00 handle, but I think there is support around the 47.50 area. - We had buying around this area in 2015. - Also, we can see that price is at the falling wedge support. Meanwhile, if the RSI tags 30, it would represent oversold condition. - An initial swing from this cluster of support should target the 53.90 pivot up to the 55.00 handle, where price would be challenged by the falling wedge resistance.I don't think Nike would push below the 2015-low at 45.39. I don't completely prescribe to Elliott Wave principles, but the falling wedge abcde structure is very clear and I want to take a stab at NKE in this 47.50 area or even around 48.