Strong AI beneficiary,
ADBE
, had a great move since Oct'22 bottom, advancing more than 100%, and is still in stable uptrend. What are the price levels long investors and traders need to be cautious about?
My structural analysis of price dynamics shows that there is an important level of mid-term resistance in 590-625 that may serve as the topping area and lead to start of the correction towards important support zone 510-466.
This support zone is the main crossroad between two counts presented. If 466 level will not hold under any perspective selling pressure, then macro-bearish white count becomes operative with lows below Oct 22 to be expected.
If price manages to stay above this 510-466 level, then at least one more leg-up towards 680+ would be my main expectation.
Another important cautious sign from the volume perspective, is escalating weekly distribution candle in Sep, with yet no contra-accumulation bars.
It is still early and inappropriate to take decisively bearish stance, due to price being in supportive uptrend and not breaking any even short-term moving averages. The purpose of this analysis is to provide potential framework for important resistance area ahead for any long positions already established.
The analysis is valid until price stays below 625. Decisive move above 625 will force me to reconsider and re-do the analysis.
Important notice: Elliot waves and fibonacci retracements are a very subjective form of analysis and I don't personally trade out of them. I use them only for the purpose of gauging structural potential of any assets, that allows me to put more confidence when low-risk trading set-up emerges. Author's personal multi-years trading experience convinced him that analysis and opinion doesn't pay, only price pays and that one shall not ever argue with price
ADBE
, had a great move since Oct'22 bottom, advancing more than 100%, and is still in stable uptrend. What are the price levels long investors and traders need to be cautious about?
My structural analysis of price dynamics shows that there is an important level of mid-term resistance in 590-625 that may serve as the topping area and lead to start of the correction towards important support zone 510-466.
This support zone is the main crossroad between two counts presented. If 466 level will not hold under any perspective selling pressure, then macro-bearish white count becomes operative with lows below Oct 22 to be expected.
If price manages to stay above this 510-466 level, then at least one more leg-up towards 680+ would be my main expectation.
Another important cautious sign from the volume perspective, is escalating weekly distribution candle in Sep, with yet no contra-accumulation bars.
It is still early and inappropriate to take decisively bearish stance, due to price being in supportive uptrend and not breaking any even short-term moving averages. The purpose of this analysis is to provide potential framework for important resistance area ahead for any long positions already established.
The analysis is valid until price stays below 625. Decisive move above 625 will force me to reconsider and re-do the analysis.
Important notice: Elliot waves and fibonacci retracements are a very subjective form of analysis and I don't personally trade out of them. I use them only for the purpose of gauging structural potential of any assets, that allows me to put more confidence when low-risk trading set-up emerges. Author's personal multi-years trading experience convinced him that analysis and opinion doesn't pay, only price pays and that one shall not ever argue with price
Мой телеграмм канал: t.me/marketartistry