Oracle (ORCL): Bullish Outlook Ahead of Earnings

Today, we’re getting the earnings report on ORCL, and we’ve had to adjust our last analysis accordingly. We are now looking at a more bullish scenario after our previous bearish outlook was invalidated. If Oracle holds the desired level, we believe our current wave count is accurate.

The count is pretty straightforward, and we think we’re now in the intra wave (ii) of the larger wave 3. This wave (ii) might touch the trend channel again, though it doesn’t necessarily have to. The channel seems accurate as waves ((i)), ((ii)), and ((iii)) are all tagging it. It would have been ideal if wave ((iv)) had touched it as well, but perfection is rare in markets.

We’re focusing on the area between $133.43 and $129 to hold. We’re not setting any limit orders for ourselves just yet, as we want to see if our new count proves correct before making any moves.