Shares of Nike (NKE) might have further downside in 2017. Based on price action so far, it looks like the rally from November through March was just a correction against a prevailing downtrend that is intact. This is a downtrend since late 2015. Before that Nike was chugging along in a consistent bullish trend, but we are in a major correction market against the long-term trend. Consider it a long-term correction that might still continue into 2018. Nike (NKE) Weekly Chart(click to enlarge)Bearish Correction to Continue:- The most basic argument for bearish continuation is that the March higher just under 59, was lower than the August 2016 high just above 60. The lower high indicated that this is still a bearish market.- Now, another scenario would be that price action is going into congestion (lower highs and highs lows), which would suggest that the next low will NOT be lower than the 49.00 low from Sep. 2016.- In this scenario, a support around 50.00 is likely. Nike (NKE) Daily Chart(click to enlarge)Bears in Charge:- Looking at the 4H chart, we can see that price action is in a bearish swing that could push towards the Nov. 2016 low around 49.- As noted above, also monitor for support around 50, in case this is a congestion, not bearish continuation. - However, if price DOES get to 49, it means the market is NOT in congestion. - That means, making it down to 49 suggests the market is still in bearish correction mode in the long-term, and thus still in bearish mode in the medium and short-term.- Back on the weekly chart, we can see that the next key support wills be around 47.50 and 45.30, which represent the 2015 lows. - I would limit the bearish outlook to this 45.30-47.50 area.