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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.
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.
The main point of this update is simply to remind you that pressure will remain down in the more direct path to our lower directs UNLESS we see a VERY CLEAR 5-wave rally take hold at higher than a micro level. But, even so, I am still expecting a sizeable bounce soon in a 4th wave of the c-wave lower.Yet, I want to note that silver still retains some potential for the purple count. Last night, we struck a 1.00 extension (a=c) low and have bounced.
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