Adobe Wave Analysis 5 March 2024

– Adobe reversed from resistance level 572.00

– Likely to fall to support level 530.50

Adobe recently reversed down from the resistance level 572.00 (former support from November and January, which also stopped the previous minor correction a last month).

The resistance level 572.00 was strengthened by the 38.2% Fibonacci correction of the previous sharp downward impulse wave 1 from the start of last month.

Adobe can be expected to fall further toward the next support level 530.50 (which stopped the previous minor impulse wave 1 last month).