Adobe Wave Analysis – 16 December, 2021

• Adobe reversed from support level 600.00

• Likely to rise to resistance level 640.00

Adobe recently reversed up once again from the round support level 600.00 (which stopped the previous minor correction A at the start of December) – standing well outside of the lower daily Bollinger Band.

The upward reversal from the support level 600.00 created the daily hammer which marked the end of the previous ABC correction (2).

Adobe can be expected to rise further toward the next resistance level 640.00 (former low of wave 4 from November).