Adidas ( OTC:ADDYY ), the German sportswear giant, has sent shockwaves through the market with an unexpected surge in first-quarter profits and a bold revision of its full-year guidance. Buoyed by robust sales performance and strategic initiatives, Adidas ( OTC:ADDYY ) has captured investor attention by raising expectations for revenue and operating profit in...
Adidas just broke an uptrend and finished 1-5 Elliot wave. We are waiting for an ABC correction, we should enter for a long position on the C, which should be ~80$ mark, since market created gap there which needs to be filled, also there is a 61.8% fib zone which indicates that market should reverse in that zone. Entry: 80 Target 140 Invalidation: 70 Ratio: 6
Adidas has been in a consistent uptrend since listing, comparable to that of Visa. With only one inverse bump and run present. Great long opportunity in these current market conditions.
ADDYY is approaching support at 105.90 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where price could bounce up to its resistance at 116.60 (50% Fibonacci retracement, horizontal swing high resistance). Stochastic (89, 5, 3) is approaching its support at 3.2%.