ADBE - Elliottwave analysis - ABC zigzag patternADBE - It has completed impulse wave A up in last up move and correcting in B wave, which may go down up to 478.10-465 zone, which would be good buy zone after the impulse in smaller time frame say 5 min will confirm the up move. The C wave may go up to 520 or higher. So keep the eye on next B wave correction.
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0R2Y trade ideas
ADBE - Short Term PressureNASDAQ:ADBE
Although fundamentally strong ADBE has recently come under selling pressure despite of what I believe to be strong fundamentals of the stock. However the 2020 rebound rally might have led the stock too far too quick and its time for a bit of a breather.
Two broken triangle/wedge formation on the downside and a strongly negative MACD suggest pressure isn‘t likely to ease just now and we might see a test of the 200 EMA around $420
Technicals
Strongly negative MACD
Two broken traingle/wedge formations within the last weeks
Formation of a bearish channel
Negative day volume > positive day volume for past two weeks
No real support levels in sight appart from the 200 EMA which is around $420
A point could be made for a negative Elliot Wave pattern, however my experience in Wave-Theory is to limited for practical use as of now.
Thus I will short the stock around current levels with a tight stop-loss to increased vol. around US elections.
Sell Limit $445
Stop Loss $450
Take Profit $420
R/R ratio 5:1
In the long run I am still positive on ADBE and will seek to buy the stock at lower levels once a trend reversal starts building.
Any comments, suggestions and discussions are welcome!
***The above is an expression of my personal view and should not be considered investment advice. If you trade, always remember, risk management is key***
ADBE Update of November 05Tech Stocks are bouncing.
ADBE As well.
But is this a new impulse wave ?! Even on lower time frames the first 1-2 was lost or was very easy (as theory may teach) but I'd be aware of this behaviour.
Any new LONG position shouldn't be taken now (if you did not hop in at the lows), until a more clear setup will show up.
HOLD ON !
Consolidation taking place...Adobe is in an uptrend. And since the summer we have seen consolidation taking place for the stock.
Now there has been an upward breakout with some consolidation right after that. We see that as a back test. We therefore expect higher prices.
$ 520 is our first price target for Adobe.