Earnings at PNC Financial suffered last year along with the entire financial sector. Net income before extraordinary items came in at $2.95B in 2020, down from $5.35 in 2019 for a 45% reduction. In our opinion, amid the biggest crisis since the Great Depression, the fact that PNC and its peers even managed to stay…
Betting on 3i Stock a Year Ago Pays Off in Spades
The first time we wrote about 3i Group was in late-October 2019. The stock was hovering around 1100 pence a share following a 1000% gain in the past ten years. Needless to say, few thought a major decline was even possible. Fortunately, Elliott Wave analysis helped us see the bulls cannot be trusted. Five months…
S&P 500: Turning Bullish While the World Fell Apart
We find it hard to describe the past twelve months. What a year it’s been. A little over a year ago, the world was in utter panic. No-one really knew what is going on nor what was going to happen next. The prevalent emotion across the globe was fear. In the financial markets that fear…
Ahead of Hibbett ‘s Unlikely Surge to New Records
Hibbett Sports Inc. is an American sporting goods retailer with more than 1000 stores in over 30 states. We first wrote about the company in the summer of 2017. The stock was trading below $16 a share back then, following a decline from as high as $68.31 in late-2013. At first glance Hibbett looked like…
Ahead of EURUSD ‘s Disappointing Start to 2021
Overall, 2020 was a good year for EURUSD bulls. Despite the March crash during the coronavirus-related volatility, the pair ended the year up almost 9%. With more stimulus already in the pipeline at the start of 2021, it made sense to expect further devaluation of the dollar against the Euro. Alas, common sense doesn’t always…
Ahead of the 14% Crude Oil Dive with Elliott Wave
The crude oil market is capable of going from a state of oversupply to one of not enough supply in relatively short time. OPEC and Russia’s decisions and the fact that in a normal year the world consumes over 100 million barrels of oil daily cause the pendulum to swing from glut to deficit quite…
Interpublic on the Verge of Doubling Amid Pandemic
We first wrote about Interpublic in March 2018. The stock had just reached $26 a share, but we thought an Elliott Wave correction can “easily erase about 50% of Interpublic ’s market capitalization.” Two years later, during the coronavirus panic in March 2020, IPG fell to $11.63, down 55% from the 2018 high. Fortunately, the…
Expedia Acts As If Travel Restrictions Do Not Exist
We last wrote about Expedia in mid-2020. Countries around the globe had mostly closed their borders, the COVID-19 vaccine was still just a hopeful prospect and the summer travel season was practically ruined. No wonder the stock of Expedia, one of the largest travel booking companies, was down 46% from its 2017 high. Yet, during…
Steel Dynamics – Pocketing 100% Gain in Ten Months
We first wrote about Steel Dynamics on January 16th, 2020. The stock was trading near $33 a share, down from its May 2018 record high of $52.10. However, the Elliott Wave structure of this decline made us think more weakness can be expected. Two months later, in mid-March 2020, the stock dipped below $15 a…
USDJPY Gains 450 Pips and Counting in Two Months
2020 wasn’t a good year for USDJPY bulls. Starting from 108.63 in January, the pair closed at 103.32 on December 31st, down 4.9% in twelve months. But what the dollar lost against the yen in the entire 2020 it is now close to recouping in less than three months. USDJPY is approaching 108.50 as of…
HZNP Stock Blows Past All Expectations. Now What?
We first covered Horizon Therapeutics, then Horizon Pharma, in September 2016. The stock was trading around $18 a share after a decline from the vicinity of $40. However, we didn’t think it was time to buy. The structure of the preceding rally ending in mid-2015 was impulsive and we thought the bears were not done…
USDTRY Drop Accelerates as Elliott Wave Predicted
The Turkish Lira hit its highest level against the U.S. dollar in six months. The country economic and legal reforms announced last year coupled with tighter monetary policy appear to be giving the desired effect. USDTRY is down 19.3% from its November 2020 high after being in an uptrend since mid-2008. Most analyst, however, are…
Bitcoin: When Prediction is Hard, You Can Still Prepare
Bitcoin bulls are in retreat, at last. After the cryptocurrency’s meteoric surge to $42 000 at the start of 2021, the price dipped below $29 000 earlier today. And since BTC is one of the most-widely followed assets these days, experts were quick to offer their views. J.P. Morgan analysts stated that $40k is a…
DraftKings on the Verge of Another 40% Decline
It’s been almost three and a half months since we examined DraftKings stock in October, 2020. The share price was hovering near $57 after a strong run from $10.60 to over $64 in just several months. The regulatory environment in the U.S. seemed to be warming up and many analysts hurried to issue their BUY…
Lockheed ‘s Correction Still Unfolding as Expected
Almost a year and a half ago, in July 2019, we wrote that Lockheed Martin is likely “setting the stage for an unpleasant surprise.” The stock had just reached a new all-time high and was trading at $370 a share. Optimism was in the air and analysts were more bullish than ever. An indeed, fundamentally,…
