Adobe Wave Analysis 12 February 2024

– Adobe reversed from key resistance level 633.00

– Likely to fall to support level 575.00

Adobe recently reversed down from the key resistance level 633.00 (previous yearly high from 2023), standing near the upper daily Bollinger Band.

The downward reversal from the resistance level 633.00 stopped the previous impulse waves iii, 5 and (3).

Given the strength of the resistance level 633.00, Adobe can be expected to fall further to the next support level 575.00 (former multi week high from last year, acting as the support after it was broken previously).