ORCL, Crucial, Massive Double-TOP, BEARISH-Triangle Setup!Hello There!
Welcome to my new idea about ORCL. In recent times ORCL already increased with heavy bearish determinations towards the downside as it printed this massive bearish momentum spike candle forming a -15% dump and liquidating almost over 100 Billion positions. Such crucial bearish inclinations should be never underestimated because especially in a time in which the stock market is forming several mixed determinations it is necessary to consider such stocks as ORCL as potential short-side stocks, especially with continued bearish momentum. This is why I have analyzed the main underlying dynamics within the analytics backend to consider to most prevalent crucial dynamics in this current market.
As when looking at my chart ORCL continued to emerge with the major -15% dump from the most severe upper 125 resistance level from where it already pulled back towards the bearish direction in the past. Now, as ORCL emerged with these bearish spikes towards the bearish directions it moved below the previous support levels at 114 and marked several crucial lower lows below this level exaggerating the bearish momentum especially as these previous supports are now major resistances. Furthermore, ORCL dumped below the main 100-EMA and 200-EMA, these two EMAs are now major resistance levels together with the 114 resistance indicating that there is not of a lot possibility for ORCL to turn around and move above these crucial resistances again.
On the bigger global scale ORCL has completed a major double-top formation breaking below the 114 area as marked in my chart, especially as the second top has formed with this accelerated bearish momentum this double-top is the most prevalent formation within this whole determination. Furthermore, now that ORCL has dumped below the main levels it is forming a confirmational triangle formation below the 114 level and this triangle formation is about to be finalized within the next times. The triangle formation will be finalized with ORCL dumping below the lower boundary of the formation as marked in my chart and once this breakout has shown up this is going to be the origin of the wave-C extensions towards the downside. With the completion of the double top and the bearish triangle formation, ORCL will have set up a doubled bearish ABC wave count.
Taking all the major prevalent determining factors into consideration here it has to be mentioned that ORCL is in a crucial bearish development that has the ability to increase with the bearish momentum acceleration every time soon especially as ORCL already confirmed several main bearish determinations here. The completion of this major bearish momentum acceleration is going to form the next -15% dump into the targets of 95 and investor's open interest turning into a bearish sentiment is likely to increase this dynamic to an accelerated determination. It has to be mentioned that not every stock within the market is so bearishly inclined like ORCL, this is why this formation within ORCL is important right now. Such determinations can offer important hedge potential opportunities when considering a total-return approach considering other assets like the DXY and bonds are up, this is going to be an important bearish indication for ORCL as well.
In this manner, thank you everybody for watching my analysis of ORCL. Support from your side is greatly appreciated.
VP
