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ORCL reports Earnings tonight after the close...Technically, ORCL has spent the entirety of 2026 so far carving out a potentially significant base-accumulation pattern in the aftermath of a multi-month bear phase from its September 2025 ATH at 345.72 to the February-April 2026 lows at 132.40 and 134.57 (see my attached 4-Hour Chart). The late-May-early-June 2026 upside thrust represented a breakout from the base-accumulation pattern at 200 that ripped ORCL higher to 250.25 (6/01/26) in sympathy with the IGV (software ETF) and very positive SNOW Earnings report.
Analyzing the market is a process. And, I want to take you through my process today as to how I determine primary versus alternative wave counts in our current situation.With the market striking the bottom of our target/resistance box, and then turning down, the primary question we have is whether we have begun the (c) wave down, or if the market is providing us with a deep (a) wave, and a (b) wave is yet to be seen? And, with the market bottoming thus far in between the .382 and .
The athletic names took a beating. All of them. If you held any of these stocks over the past couple of years, you already know the feeling — the slow bleed, the false bottoms, the rallies that did not hold.But here is the thing about a sector that falls together: It rarely stands up together. Nike is the one I keep coming back to. Not because it is necessarily the strongest company in the group today. That is a different argument, and a fair one. I keep returning to Nike because of where its decline appears to have ended.
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