Nike (NKE) has been in choppy bearish trend in 2016. But since finding support above 49.00 in November, it has been in an even choppier bullish "trend".Nike (NKE) Daily Chart 12/29(click to enlarge)Flag?- The daily chart shows a bullish run that has changed directions basically every week, but managed to create higher highs and higher lows.- But when we look at the structure of this rally, it looks like a flag pattern within a larger downtrend.- In other words, it looks like a correction to a prevailing downtrend.Bears Still in Charge:- The fact that price is still under the 100-day simple moving average as well as the 53.00 pivot suggests that bears are still in charge.- Moreover, the RSI held under 60, which reflects maintenance of the prevailing bearish momentum. - If price falls below the previous support pivot at 50.48, shares of Nike might fall into a bearish continuation swing. - The daily chart shows some of the key support areas for a bearish scenario.- 50.00, 47.50, 45.25.