In BEM blocks should have plain structure. There is no need to repeat DOM nesting in BEM classes:
.nav__item__link { }
You won't be able to reuse this element in another context or refactor later.
To reflect nesting it's enough to use only DOM:
<ul class="nav">
<li class="nav__item">
<a class="nav__link"></a>
</li>
</ul>