Adobe (ADBE) Elliott Wave Analysis: Deeper Pullback Below 212.7 Before Next Rally

Adobe Inc., (ADBE) operates as a technology company worldwide. The Digital Media segment offer products & services to individuals, teams & enterprises to create, publish & promote content. It comes under Technology sector in Software-Application & trades as “ADBE” ticker at Nasdaq.

ADBE ended ((I)) at $699.54 high in yearly chart since inception & correcting it lower. It favors ((II)) pullback in zigzag correction into $212.73- $112.19 area. Buyers looking for next long set up enter below $212.73.

In yearly, it ended ((I)) at $699.54 high in November-2021. Below there, it favors ((II)) pullback in 3 swings correction. It placed (a) of ((II)) at $274.73 low in September-2022 & (b) at $638.25 high in January-2024. Within (a) down, it ended I at $604.30 low, II at $675.21 high, III at $338 low, IV at $451.15 high & V at $274.73 low. It ended a of (b) at $402.49 high, b at $318.60 low & extended c at $638.25 high. Below (b) high, it placed I at $433.97 low, II at $587.75 high & favors downside in III of (c).

ADBE - Elliott Wave Latest Weekly View:

It ended ((1)) of III at $332.01 low, ((2)) at $422.95 high, ((3)) proposed ended at $233.16 low & favors bounce in ((4)). Within ((3)), it placed (1) at $311.58 low, (2) at $362.71 high, (3) at $244.28 low, (4) at $285.36 high & (5) at $233.16 low. The ((4)) should bounce into $278.43 – $306.22 area in 3 or 7 swings before lower in ((5)) of III. It expects two or few more lows to extend (c) into $212.73 or lower in ((II)) pullback. Sellers may enter in 3, 7 or 11 swings bounce when reaching extreme area, while bounce fail below trendline. Long term investors can enter below $212.7 for the next leg higher in yearly set up from blue box or 3 swings rally.

Source: https://elliottwave-forecast.c...